The Member of Parliament for Bawku Central, Honorable Mahama Ayariga has expressed deep concerns over the Securities and Exchange Commission’s (SEC) apparent failure to disburse funds to customers of BlackShield Capital investment formerly Gold Coast Fund Management despite parliamentary approval.
The Honorable Mahama Ayariga, speaking at the hearing of the Special Committee set up by the Speaker of Parliament, Rt Honorable Alban Kingsford Sumana Bagbin to investigate the matter, highlighted the dire consequences faced by the affected customers of the fund.
According to the opposition National Democratic Congress Member of Parliament, most of the affected customers invested their retirement benefits in the fund, a situation which has resulted in many of them struggling to afford essential medical care.
The Honorable Mahama Ayariga passionately bemoaned the gravity of the situation and further stated that some of the affected investors of BlackShield Capital investment formerly Gold Coast Fund Management have succumbed to the hardships imposed by the delay in payments of their returns by the government.
Special Committee Commits To Transparency
Meanwhile, the Essikado Ketan Member of Parliament, Honorable Joe Ghartey, who is the Chairman of the Special Committee emphasized the Committee’s commitment to openness and transparency throughout its investigation.
The seasoned legal practitioner and former Attorney General of the Republic of Ghana under former President John Agyekum Kufour’s administration indicated that the evidence-taking proceedings would generally be held in public, to ensure accountability in the resolution of such financial crisis.
The Honorable Joe Ghattey further disclosed that some key public institutions, including the Securities and Exchange Commission (SEC), the Ministry of Finance (MOF), Price Waterhouse Coopers (PWC), and the Registrar of Companies, are expected to present their submissions before the Special Committee.
The Director General of the Securities and Exchange Commission (SEC), Rev. Alfred Ogbarmey Tetteh, who appeared before the Special Committee has been scheduled to reappear before the Committee along with representatives from other state institutions involved in the matter.
The Special Committee membership comprised of the Member of Parliament for Essikado-Ketan, Honorable Joe Ghartey as the Chairman, Member of Parliament for Odododiodio Constituency, Honorable Nii Lantey Vanderpuye, and Member of Parliament for Tano South, Honorable Dr. Benjamin Yeboah Sekyere as members.
Other members of the Special Committee are the Honorable Kwasi Ameyaw-Cheremeh, the Member of Parliament for Suyani East Constituency in the Bono Region, and Honorable Gizella Tetteh-Agbotui, Member of Parliament for Awutu Senya West Constituency in the Central Region.
The committee was set up by the Speaker of Parliament, Rt Honorable Alban Kingsford Sumana Bagbin after the Member of Parliament for Bawku Central, Honorable Mahama Ayariga, submitted the petition to Parliament on behalf of some aggrieved customers of Blackshield Capital Limited on 27th November 2023.
The petitioners of the defunct Gold Coast Fund management are Charles Frimpong, Nathaniel Mensah, David Opoku, and Rosemond Mensah.
The petition called on Parliament to find out what has accounted for the government’s alleged failure to pay the customers of the defunct Blackshield Capital Limited, formerly Gold Coast Fund Management.
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