The coalition of Gold Coast Fund Management’s depositors has threatened to embark on a demonstration over the Locked up fund.
Customers of Gold coast fund management have threatened to embark on a demonstration over their locked up monies.
The aggrieved customers said they are unclear why the company’s name has been taken out of the list of collapsed banks that will be paid.
Last month the Security and Exchange Commission (SEC) brought out an official release, stating to pay customers who suffered loss as a result of the financial clean-up exercise under fund management companies.
Effective September this year.
This will, however, cover 22 firms that were able to validate claims of its depositors.
Out of the 50 companies whose licenses remain revoked, three did not have any claims filed against them, leaving 47 companies against whom claims were filed by affected clients.
However, Goldcoast fund management and some other collapsed institutions have been taken out of the list for payment, a situation they found worrying.
According to the Commission, it had partial access to records from Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited) as the company provided Excel data representing about 3% of claims filed by their clients.
Speaking to Charles Nyame P.R.O of the coalition of Gold Coast Fund Management customers, he said the claims are false.”One of the reasons they said is because they could not have access to some information from the company’s including gold coast fund management to enable them validate the claims of their customers against it. We, think it is a false information security and exchange commission is putting out there. management of Gold coast fund have issued a rejoinder to that effect”.
Adding that SEC want to sideline the gold coast customers because they are the company with the huge number representing 82.3 percent of the entire customers affected.
by Mabel Sowah