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Aggrieved customers of the collapsed Gold Coast Fund Management Company spent Tuesday night at the Ministry of Finance, refusing to return to their homes until their locked-up funds were released to them. The group claims that the Securities and Exchange Commission (SEC) has not paid its members whose funds were locked up after their three-day picketing at the SEC premises in May 2023. Frustrated by the lack of progress, they have taken this latest action to demand the release of their funds.
Charles Nyame, the Convener of the group, expressed their disappointment in their ongoing struggle to retrieve their locked-up funds from the defunct Gold Coast Fund Management Company, which operated under the registered name, Black Shield Capital Limited. He revealed that there are over 55,000 customers affected by this situation, and despite Parliament approving an amount of GH¢8.6 billion to settle them, the funds have not been disbursed, prompting their protest.
This is not the first time that the customers have expressed their frustration. In February 2023, they threatened to take legal action against the government regarding their locked-up funds. They have been waiting for over four years since their investments were locked up due to the Financial Sector Clean-up Exercise initiated by the government in 2018. Despite assurances that they would receive their funds, none of the affected customers have been called upon to collect their money, according to the group's statement.
The customers' occupation of the Ministry of Finance reflects their desperation and the deep impact the loss of their funds has had on their lives. They seek a resolution to their ordeal and the release of their funds so that they can regain stability and financial security.
It is essential for the relevant authorities to address the grievances of these customers promptly. Restoring trust in the financial sector is vital for maintaining confidence and protecting the interests of investors. Efforts should be made to provide a transparent and efficient process for compensating affected customers. Ultimately, the resolution of this issue will not only bring relief to the customers but also serve as a step forward toward restoring faith in the financial system.
SOURCE:
-myjoyonline.com- "Aggrieved customers of Gold Coast Fund Management picket overnight at Finance Ministry"
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