Sack SEC Boss For Shielding Nduom — Aggrieved Blackshield Fund Customers Demand

Some aggrieved customers of defunct Blackshield Fund Management company, previously called Gold Coast Fund Management, are calling for the dismissal of the Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbamey Tetteh.

According to them, the head of the SEC has been negligent in delivering on his mandate.

The customers at a press conference today [Tuesday], accused the government and the Commission of shielding Dr. Papa Kwesi Nduom, Chief Executive Officer of the collapsed financial institution despite identifying some alleged suspicious activities the latter was engaged in.

Peter Nyame who spoke for the group said Rev. Ogbamey Tetteh should be sacked immediately.

“The SEC Boss, Rev. Ogbamey Tetteh should be sacked from his post. He has failed in the performance of his statutory obligations. Based on his recent comments in the media, it shows that he has refused to accept responsibility for the current crises which amount to relinquishing his duty.”

The SEC revoked the licenses of some 53 fund management companies which according to them is to protect the integrity of the securities market and investors.

Customers of Gold Coast Fund Management now Black Shield Fund Management say the government has failed to respond to its petition to help them retrieve their locked up monies from the embattled investment firm.

The disgruntled customers have embarked on a series of protests to push for the government's intervention in retrieving their funds from Black Shield Fund Management.

The aggrieved customers say the government's dead silence after their demonstration is disappointing.

The group further called on the government to put in some immediate measures to ensure their funds are retrieved.

These disgruntled customers who want their investments retrieved continue to pile pressure on the company despite the initial assurances given.

Be calm, we'll let Gold Coast pay your monies – SEC to customers

SEC had earlier called for calm among the aggrieved customers saying it is working to ensure that the locked-up investments of clients are retrieved.

Head of Policy and Research at the Securities and Exchange Commission, Ashong Katai indicated that the Commission was committed to ensuring that customers of 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 crux 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.”

---citinewsroom