GCFM says it is taking urgent steps to recover investments placed with other financial institutions<\/span><\/span><\/p>\n<\/div>\nGold Coast Fund Management (GCFM) has welcomed the Security and Exchange Commission (SEC) engagement with the company to find a lasting solution to the liquidity crisis faced by it. <\/p>\n
The Commission has revealed they have received and started reviewing proposals from GCFM, the biggest fund manager, on how they hope to meet payment obligations to their customers and investors.<\/p>\n
General Manager, External Affairs and Investor Relations of GCFM, Benjamin Afreh, said, \u201cwe submitted Cardinal Offer as an investment option to our Structured Finance Product. We believe the Cardinal Offer will give our customers real value for their investment while helping to mitigate our liquidity challenges.\u201d<\/p>\n
\u201cThe Cardinal Offer will be a medium to long term, liquid and value enhancing product. It will be made up of a bond and an equity offer.<\/p>\n
\u201cThe bond portion of the fund will allow customers to continue to earn a predetermined return without violating the recent directives from the commission. By this, we are offering a solution to the SEC directive by leveraging on this investment asset\u201d, added Afreh.<\/p>\n
The company said it \u201chas so far paid nearly \u00a270 million to aggrieved customers and various categories of clients and has shared details of these payments with the regulator.\u201d <\/p>\n
Also, said, \u201cit is one of the few if not the only fund manager to have ceased taking new deposits for its Structured Finance product from investors since October 2018, in compliance with the regulator’s directive to the fund management industry to stop offering guaranteed rates.\u201d<\/p>\n
GCFM said it is also taking firm and urgent steps to recover investments placed with other financial institutions and government infrastructure products.<\/p>\n
\u201cWhen government agencies pay contractors for work done, it will restore normal operations for GCFM,\u201d it concluded.<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Business News of Tuesday, 16 April 2019 Source: Myjoyonline.com 2019-04-16 GCFM says it is taking urgent steps to recover investments placed with other financial institutions Gold Coast Fund Management (GCFM) has welcomed the Security and Exchange Commission (SEC) engagement with the company to find a lasting solution to the liquidity crisis faced by it. The […]<\/p>\n","protected":false},"author":1,"featured_media":607650,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-607649","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
Gold Coast welcomes SEC\u2019s move to restore investor confidence - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/04\/16\/gold-coast-welcomes-secs-move-to-restore-investor-confidence\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gold Coast welcomes SEC\u2019s move to restore investor confidence - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Tuesday, 16 April 2019 Source: Myjoyonline.com 2019-04-16 GCFM says it is taking urgent steps to recover investments placed with other financial institutions Gold Coast Fund Management (GCFM) has welcomed the Security and Exchange Commission (SEC) engagement with the company to find a lasting solution to the liquidity crisis faced by it. 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GCFM says it is taking urgent steps to recover investments placed with other financial institutions<\/span><\/span><\/p>\n<\/div>\n