SEC is the reason we are in this situation - Gold Coast Fund Customers fume

SEC is the reason we are in this situation – Gold Coast Fund Customers fume

Aggrieved customers of the Gold Coast Management and GN Savings and Loan (Formerly GN Bank) have expressed disappointment in the Securities and Exchange Commissions (SEC) for the dragging approach tor retrieving their funds from the Nduom subsidiary.

According to them, SEC seems unconcerned and are silent about the grievances of the customers although they have petitioned them and have done several follow-ups subsequently.

“We have petitioned SEC because we believe these investments are regulated activities, however, they have been very slow in dealing with its regulatory mandate. Since 2014 and again 2018 why has SEC been silent and unconcerned for companies to flout their own activities with regards to the Structured Finance to the detriment of investors? SEC then fines pittances for serious violations of regulations.”

The aggrieved customers at a press conference said they have experienced extreme difficulties trying to retrieve their locked-up funds since October last year.

They cited incidences of school drop-outs, collapsing businesses, and broken marriages as having been recorded amongst its members.

President of Gold Coast Fund Management, Dr Papa Kwesi Nduom said the company has paid nearly GHC60 million to aggrieved customers and payment continues.

Dr Nduom’s comment comes on the heels of threats by customers of the company in the Ashanti region to hit the streets within five days if the government does not intervene to get their locked-up funds released to them.

However, the customers argued, “We have engaged the leadership of Gold Coast and even though a temporary payment plan was instituted, payments have been slow, payments dates missed, and the amounts paid insignificant in relation to the total amount owed.”

Customers have demanded the following:

1. We demand from Gold Coast to provide accurate statements of accounts, certificates of investment and accrued interest to be paid on outstanding balances since our funds are still lodged with them. Gold Coast should resolve this problem of locked-up investments and deposits once and for all since its lingering is creating uncertainty, undue hardships, anxiety and frustrations amongst members and if care is not take it could erupt into a problem with national security and international consequences.

2. If the assertions by Gold Coast on several platforms that Government owes it GHC2 billion is true, then we humbly appeal that this payment is released quickly so that Gold Coast can pay off its numerous customers who are in dire need of their hard-earned funds.

3. We appeal to Gold Coast to reconcile customers’ statements of accounts and certificates of investments and interests, so customers know exactly what is due them.

4. We appeal to SEC to open books of Gold Coast to uncover where our monies are and why

5. We appeal to Bank of Ghana to open the books of GN Savings & Loans (GN Bank) to uncover what has happened to depositors’ fund.

6. We trust that Gold Coast will abide by agreements with them to forestall unnecessary anxiety of members.


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