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20.05.2019 Business & Finance

Nduom Is Not Above The Law, Probe Him For Our Cash—Gold Coast Customers To Gov't

By Clement Akoloh
Dr. Papa Kwesi Nduom, President of Group Nduom ConglomerateDr. Papa Kwesi Nduom, President of Group Nduom Conglomerate

A group calling itself Aggrieved Customers of Gold Coast Fund Management, is calling on government to assist them retrieve their locked up funds with the Gold Coast Fund Management owned by Dr. Papa Kwesi Nduom, the founder and leader of the Progressive People’s Party (PPP) and the President of The Group Nduom Conglomerate.

Gold Coast is a full-service investment bank which provides individuals and corporate clients with short and long-term investment opportunities, pension fund management, brokerage accounts, financial advisory, and corporate finance consultancy services. It also offers investment advice to clients who seek its services.

The aggrieved customers of the Fund who have accused Dr. Papa Kwesi Nduom and his company for misapplying the fund for other purposes other than what they have signed unto, have called on government to conduct an investigation into the matter.

“We believe that Nduom is not above the laws of this country. Nduom and his company must be investigated as a matter of urgency,” the group demanded.

The Secretary of the Aggrieved Gold Coast Fund Management, Joseph Aryitey, told Citi News in an interview that Dr. Papa Kwesi Nduom and his company have failed to refund their investment to them.

They claim the fund managers have channelled their investments into some jurisdictions outside the country for other purposes.

“We have picked reliable information that Dr. Nduom has actually laundered our money into other countries. He has moved into other investments with our money and he is just refusing to pay back our money,” he alleged.

Mr. Aryitey confirmed that a formal petition has been sent to President Akufo-Addo to take urgent steps to ensure that the funds belonging to the customers of Gold Coast Fund Management are released to them in earnest.

“We have also sent a petition to the Presidency, asking the President to intervene in this matter. Because, I believe that our government agencies and the government itself is becoming a spectator in this matter,” he observed.

Less than a week ago, some of the aggrieved customers of the fund marched through the streets of the Ashanti Regional capital, Kumasi to demand for a payback of their monies from the company.