The Securities and Exchange Commission (SEC) has directed Gold Coast Fund Management Ltd to cease collection or receipts of new funds from the public.
In a statement, SEC said, “The Commission has directed Gold Coast Fund Management Ltd to cease collection or receipts of new funds or investments from the investing public until all clients and investors with outstanding matured investments have been paid or mutually agreed settlement terms reached.”
According to the statement, SEC “is fully aware of the plight of investors who have placed funds with the company and are unable to redeem same on maturity.”
The Commission said it has received proposals from Gold Coast Fund Management Ltd with the aim of resolving its obligations to its clients and investors.
Gold Coast Fund Management Limited has had numerous complaints lodged against it and the Commission is currently hearing these complaints in accordance with the provisions of the Securities Industry Act, 2016 (Act 929).
In view of its significant size in the Asset Management Industry, “the Commission remains in constant engagement with the company with the aim of securing a sustainable solution to its liquidity challenges and the numerous complaints lodged against it,” the statement added.
Angry customers of Gold Coast Fund Management petition presidency
Some angry customers of investment company, Gold Coast Fund Management have petitioned the presidency over their locked up cash.
The customers have threatened to demonstrate on January 7, 2019, to demand payment of their funds.
The customers on December 21, 2018, petitioned the Securities and Exchange Commission, the Bank of Ghana and the Presidency over their locked up funds.
The aggrieved customers who are the Concerned Gold Coast Fund Management Customers are unhappy that the managers of the company have failed to pay their monies since June this year.
They are also accusing the managers of issuing fake cheques and appealing to government to take over the company so they can access their funds.
The leader of the Concerned Gold Coast Fund Management Customers, David Ampoful said managers of the company have refused to answer questions on why their investments keep delaying.
“They have found a way to dupe us. They have defrauded us. It is a calculated attempt to steal our money from us,” David Ampoful alleged.