Dr Papa Kwesi Nduom
Fears among aggrieved customers of defunct
Gold Coast Fund Management have heightened over the feasibility of government’s
approach in dealing with affected clients of the company through a liquidation
process.
The customers are seeking an assurance
from government, guaranteeing that the liquidation exercise would lead to the
retrieval of all investment within the next few months, as they do not want the
Dr Papa Kwesi Nduom owned company to write off its indebtedness to them as bad
debt.
The Securities and Exchange
Commission (SEC) earlier this month
revoked the license of 53 fund management companies among which was the Gold
Coast Fund Management company which recently rebranded itself as Black Shield
Capital Management.
Following the revocation, liquidation is
due to take place in order to offset debt and other financial obligations of
the affected companies.
Speaking at the media briefing in Accra on
Tuesday, the Public Relations officer of the group, Charles Nyame, who said the
decision to liquidate was taken on the blind side of customers, has cautioned
against any attempt by government and SEC to shield Dr. Nduom in concealing
their funds.
“We are aware how Dr. Nduom has used our
funds to finance Government of Ghana projects and to also finance his related
businesses under the Group Nduom Companies. We want to know if this new
decision by the government is therefore a subtle ploy to avoid paying their
indebtedness to GCFM” he said.
The group is also calling for the
interdiction of Dr Nduom who according to it has been cited for financial
irregularities by regulatory bodies such as SEC and the BoG, while calling on
government to disclose due contracts’ amount financed by the fund management company.
Mr. Nyame has among other things
recommended the sack of the SEC boss, Dr Daniel Ogbarmey-Tetteh for his
incompetence in supervision, a meeting between government and aggrieved
customers, an increase of the highest capped amount of GH¢20,000 as proposed by
the finance minister and provision of receipts to serve as evidence for customers
who took part in the validation process.
“Instead of liquidation that would worsen the already deplorable situation of customers, government should rather guarantee against the assets of GCFM and Group Nduom Companies and credit the respective bank accounts of customers with payment timelines by December 2019, otherwise we will resort to series of demonstrations nationwide” he said.
By Issah Mohammed
