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

This assurance came after the aggrieved customers returned to the premises of SEC to picket for the third day in a bid to demand payment of their locked-up funds.

Presenting petition to the Securities and Exchange, the leaders of the aggrieved customers bemoaned the seemingly neglect of its members and thus pleaded the Authority to consider releasing their funds to them.

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

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.

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

Dr Godwin Ansah 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.”
Dr. Godwin Ansah

Expediting Payment Processes

Dr. Godwin Ansah, said his outfit will expedite processes in ensuring these customers are paid on time, but disagreed with the numbers being put out there.

Dr. Godwin Ansah, moreover, assured the aggrieved customers that the commission is committed to paying the depositors across the country their due amount in the shortest possible time. “We will continue to address these issues and support the process to ensure the needful is done”, he added.

The aggrieved customers of collapsed Gold Coast Fund Management Company gave the Securities and Exchange Commission a three day ultimatum to pay their locked-up funds.

Meanwhile, President Akufo-Addo in 2020, said his government has paid all depositors whose monies were locked up in some defunct banks during the banking sector reform.

According to him, there is not a single depositor who has not received his or her money as of August 2020.

The defunct company, which operated under the registered name, Black Shield Capital Limited had over 55,000 customers whose funds were locked up before the regulator revoked its license.