{"id":756368,"date":"2019-12-02T14:01:12","date_gmt":"2019-12-02T14:01:12","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/12\/02\/nduom-customers-want-assurance-from-government\/"},"modified":"2019-12-02T14:01:12","modified_gmt":"2019-12-02T14:01:12","slug":"nduom-customers-want-assurance-from-government","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/12\/02\/nduom-customers-want-assurance-from-government\/","title":{"rendered":"Nduom Customers Want Assurance From Government"},"content":{"rendered":"

<\/p>\n

\n

Dr Papa Kwesi Nduom<\/strong><\/p>\n

Fears among aggrieved customers of defunct
\nGold Coast Fund Management have heightened over the feasibility of government\u2019s
\napproach in dealing with affected clients of the company through a liquidation
\nprocess.<\/p>\n

The customers are seeking an assurance
\nfrom government, guaranteeing that the liquidation exercise would lead to the
\nretrieval of all investment within the next few months, as they do not want the
\nDr Papa Kwesi Nduom owned company to write off its indebtedness to them as bad
\ndebt.<\/p>\n

The Securities and Exchange
\nCommission\u00a0 (SEC) earlier this month
\nrevoked the license of 53 fund management companies among which was the Gold
\nCoast Fund Management company which recently rebranded itself as Black Shield
\nCapital Management.<\/p>\n

Following the revocation, liquidation is
\ndue to take place in order to offset debt and other financial obligations of
\nthe affected companies. <\/p>\n

Speaking at the media briefing in Accra on
\nTuesday, the Public Relations officer of the group, Charles Nyame, who said the
\ndecision to liquidate was taken on the blind side of customers, has cautioned
\nagainst any attempt by government and SEC to shield Dr. Nduom in concealing
\ntheir funds.<\/p>\n

\u201cWe are aware how Dr. Nduom has used our
\nfunds to finance Government of Ghana projects and to also finance his related
\nbusinesses under the Group Nduom Companies. We want to know if this new
\ndecision by the government is therefore a subtle ploy to avoid paying their
\nindebtedness to GCFM\u201d he said.<\/p>\n

The group is also calling for the
\ninterdiction of Dr Nduom who according to it has been cited for financial
\nirregularities by regulatory bodies such as SEC and the BoG, while calling on
\ngovernment to disclose due contracts\u2019 amount financed by the fund management company.<\/p>\n

Mr. Nyame has among other things
\nrecommended the sack of the SEC boss, Dr Daniel Ogbarmey-Tetteh for his
\nincompetence in supervision, a meeting between government and aggrieved
\ncustomers, an increase of the highest capped amount of GH\u00a220,000 as proposed by
\nthe finance minister and provision of receipts to serve as evidence for customers
\nwho took part in the validation process. <\/p>\n

\u201cInstead 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\u201d he said.<\/p>\n

By Issah Mohammed <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Dr Papa Kwesi Nduom Fears among aggrieved customers of defunct Gold Coast Fund Management have heightened over the feasibility of government\u2019s 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 […]<\/p>\n","protected":false},"author":1,"featured_media":756369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-756368","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nNduom Customers Want Assurance From Government - 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\/12\/02\/nduom-customers-want-assurance-from-government\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Nduom Customers Want Assurance From Government - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr Papa Kwesi Nduom Fears among aggrieved customers of defunct Gold Coast Fund Management have heightened over the feasibility of government\u2019s approach in dealing with affected clients of the company through a liquidation process. 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