Angry Gold Coast Customers Want SEC to Retrieve Locked Up Cash

Some irate customers of the Tamale branch of investment company, Gold Coast Securities, are calling on the Securities and Exchange Commission (SEC) to help them retrieve their investments, which matured in the last quarter of 2018.

The entity, which is a subsidiary of Groupe Nduom, chaired by Dr. Papa Kwesi Nduom, was being investigated by the Economic and Organized Crimes Unit (EOCO) in December 2018.

It followed a petition from clients who were struggling to retrieve their investments.

But one of the aggrieved customers in Tamale who spoke to Citi News on condition of anonymity, said the situation is worrying, hence their call for SEC to force the troubled company to provide them with a payment schedule.

“What we are asking from them is a payment schedule. It is problematic for them not to pay us since they promised us in October that we will get our money by the end of the December. We have waited for long but nothing has happened. Two weeks ago, we came here and they told us that they were going to give us certificates. I wonder which school we have attended that we need certificates.”

“We need our money, have our monies now turned into certificates? This is not what we need. All we need is our money. We hear they are going to pay us in March. But we don't want that because we can't wait till March, and have our stores still locked up. Although SEC has ordered them to pay us, they are not and SEC is also not saying anything, he added.

We will pay you, be patient with us

Meanwhile, management of the Tamale branch of the company said the company is currently facing liquidity challenges to pay off customers.

It is therefore appealing to customers to exercise patience as it makes efforts to ensure that all customers receive their monies.

However, they are unable to tell specifically when the issues will be resolved.

Management gave these assurances after it held a closed-door meeting with some of the aggrieved customers who stormed the banking hall early this morning to demand their investments.

This response however did not go down well with the aggrieved customers.

Umaru Abdul Salam, spokesperson for the aggrieved customers who spoke with Citi News said the management was not forthcoming.

“The management didn't say anything useful. We were asking for a date when they are going to pay us; but the manager was unable to tell us. If we don't hear from the appropriate authorities, we will take the necessary actions”

Your investments are safe – Gold Coast Holdings assures customers

Despite these concerns, Gold Coast Holdings has constantly assured its customers and the general public that their investments are safe and secured .

According to the company, it is making significant progress in transforming the Structured Finance product that thousands have benefited from to become an even more beneficial one.

The assurance comes after some customers of the company formed a group, called the Concerned Gold Coast Fund Management Customers petitioned the Bank of Ghana, Securities and Exchange Commission and the presidency.

---citinewsroom