Some customers of the defunct Gold Coast Fund Management Company have begun a 3-day of demonstration at the premises of the Security and Exchange Commission (SEC) to demand payment of their locked-up funds from the Commission.
The group, among other things, has given the SEC a 3-day ultimatum to have their locked-up funds paid.
Since 2019, the customers of the fund management institution, have been demanding for their funds after the SEC revoked the license of Gold Coast Management Company, which operated under the registered name, Black Shield Capital Limited.
After four years of waiting, the SEC is yet to pay the funds of the about 55,000 customers whose funds were with the institution before the revocation.
But, what exactly are the demands of the aggrieved customers as they picket at the SEC?
Demands of the aggrieved customers:
Paramount to the demands of the customers, is for the Security and Exchange Commission to refund their locked-up funds.
“This condition is killing people and this administration says there is nothing they can do about the death of the pensioners. Pensioners who have worked hard to save this nation with their sweat and blood. They have made their monies, they have put it down for the future and if a government policy- this company didn’t collapse by itself, Gold Coast Fund Management Company was solvent until the Akufo-Addo government cast it with the financial clean-up exercise,” the convener is quoted to have said, and reported by myjoyonline.com.
The customers are also demanding clarity of information on when their funds will be paid.
“This condition is killing people and this administration says there is nothing they can do about the death of the pensioners. Pensioners who have worked hard to save this nation with their sweat and blood. They have made their monies, they have put it down for the future and if a government policy- this company didn’t collapse by itself, Gold Coast Fund Management Company was solvent until the Akufo-Addo government cast it with the financial clean-up exercise.
“It was a policy by government which was preluded with a lot of assurances by government that it was doing the exercise to protect the investments of investors and here we are, five years on,” he added.
The customers have also suggested to the government to go the bond market to borrow coupons so they can be paid.
“And if government hasn’t gotten any money at all, pension bond market is still available, government can borrow to pay our coupons. This is life and death,” he suggested.
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Aggrieved customers of the defunct Gold Coast Fund Management Company
