We’ll address concerns of Gold Coast Fund customers – SEC

The Securities and Exchange Commission (SEC) has promised to address the concerns of customers of defunct Gold Coast Fund Management Company Limited.

The aggrieved customers on Thursday, May 4, returned to the premises of SEC to picket for the third day in a bid to demand payment of their locked-up funds.

The leaders of the aggrieved customers presented a petition to the Securities and Exchange Commission for the Authority to consider releasing their funds to them.

The collapsed financial institution under the name BlackShield Capital Limited had about 55,000 customers whose funds were locked up shortly before the regulator revoked its license.

Charles Nyame, the Convenor said their members need their monies to pay for hospital bills and take care of emergency needs.

Speaking to Citi News, the Director of Communications at SEC, Dr Godwin Ansah, assured the group that the petition will be relayed to the appropriate quarters.

He further refuted claims that the Director General of the Commission has deliberately withheld the Funds of the aggrieved customers as explained that the funds reported to have been released by the government were disbursed to the affected 47 financial institutions.

“We cannot agree with the numbers by their representatives, but we were very clear in terms of what we have done so far. Over 73, 000 claims have actually been paid with about 1.3 billion Ghana cedis. Also, as far as 61, 000 claims have been covered with 750 million Ghana cedis which have been used to settle these customers”.

“So whiles we know that a lot has been done it is also important to say that we remain important to the process.”