The Securities and Exchange of Commission (SEC) has assured aggrieved customers of Black Shield Fund Management, formerly called Gold Coast Fund Management that their locked up capital will be paid back to them.
It says it is working to ensure that the locked-up investments of clients are retrieved.
The customers on Tuesday embarked on a protest to express their displeasure over the failure of the management of the company to pay their monies.
Speaking to Citi News, Head of Policy and Research at the Securities and Exchange Commission, Ashong Katai indicated that the Commission was committed to ensuring that customers of the Gold Coast Fund Management get back their cash.
“We can revoke the license of Gold Coast and do other things but will that solve the problem? The underlying problem is client money. That is the crust of the matter. We can arrest the directors but will they get the money? We want the clients to get their monies back because if investors lose their monies, market confidence will crash. And when confidence is crashed, the whole capital market will crash and we don’t want to get there.”