'Retract And Apologise To Us' — GCFM Customers Tells Finance Minister

The Coalition of Aggrieved Customers of Gold Coast Fund Management (GCFM ) is asking the Finance Minister, Ken Ofori Atta and Director General of Securities and Exchanges (SEC), Rev. Ogbamae Tetteh to immediately retract their disgusting comments made on air about them and apologise.

The group is questioning the due diligence of the regulators and government before issuing the license to these fund management Institutions to operate.

Addressing the media in Accra, the Public Relations Officer (PRO) of GCFM, Charles Nyame said “The Finance Minister and SEC Boss will not succeed this time in putting us in that same box as they did Menzgold Customers. They accused us of not making due diligence before investing with GCFM. They have to retract their dusting comments and apologise.”

Mr. Nyame further mentioned that comments from the Finance Minister and SEC Boss on Citi Tv and Asempa Fm about the customers being greedy was also unacceptable.

He indicated that the government per its usual posture on the issue has failed to engage the leadership of the group in its decision to revoke the license of GCFM and setting the path to liquidation.

The PRO added that the customers are aware of Dr. Nduom using their locked up funds to finance Government of Ghana’s projects and other related businesses under the Groupe Nduom Companies.

“No Bank or Fund Management Company in the world can technically meet all its obligations to its customers at a goal if they are mandated to refund all funds belonging to their customers and still survive as a Business,” he noted.

The PRO also hinted that since the start of the crisis, a petition was submitted to the Government and EOCO in May 2019 for an investigation into the activities of Dr. Nduom and GCFM Company but yielded no results.

He added that the aggrieved customers are aware of how the Bank of Ghana indicted Dr. Nduom for illegally transferring millions of dollars outside the country without proper documentation.

The group is wondering why Dr. Nduom is still walking about freely at the expense of the innocent and poor customers whose cash has been locked-up.

“We know the role Dr. Nduom played in the NPP government from 2001 to 2008, the reason for which we believe the current government is shielding him to conceal our funds,” the group alleges.

The group says instead of liquidation which is worsening the already hardship of customers, it is appealing to Government to guarantee against the assets of GCFM and Group Nduom Companies and then credit the respective bank accounts of the customers.

The group wants the Director General of SEC, Rev. Ogbamae Tetteh removed from office.