GOLD COAST COUSTAMERS PROTEST AGAINST GOVERNMENT'S REFUSAL TO PAY THEM THEIR LOCKED UP FUNDS



Story by Abraham Joash Amaakwei Akadja


The Coalition of Aggrieved Customers of Collapsed 53 Fund Management Companies is serving notice of a massive demonstration across the country in September if government refuses to include them in the bailout package for affected customers.

According to the Coalition, the claims by the Securities and Exchange Commission (SEC) that documents showing their investment are not available is inaccurate.

Speaking at the conference, the group, made up mainly of customers of Gold Coast Securities, they said they had already submitted all documents to prove their investment to their collapsed financial institution.


Hence, they are surprised SEC claims it does not have their documents of claims for validation and payout.


Why would SEC sideline majority of the customers that is Gold Coast fund management customers who form 83% of the entire customers who are affected.

The question then is which people are they paying? Are they going to pay ghosts? Leader of the group quizzed


Their reaction comes after management at SEC, in a statement, said it will begin payment of locked-up funds to customers of 22 collapsed institutions in September.

Out of the 50 companies whose licences remain revoked, three did not have any claims filed against them, leaving 47 companies against whom claims were filed by affected clients.


As at 26th August 2020, a total of 98,820 claims valued at ¢10.83 billion have been received. The Commission has full access to the records of forty 40 of these companies, partial access to one company and no access to the remaining six companies.

The Commission said it had partial access to records from Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited) as the company provided Excel data representing about 3% of claims filed by their clients.

However, customers are insisting they have submitted their claims and deserve to be added to the bailout package.


"SEC with government are lying to us. It is not true (that their documents are unavailable). They have every access to our details and data", one customer said.

She added that "As customers we have done nothing wrong but we are being denied the payment of our hard earned money".

She went on to say "The government has revoked the (Gold Coast Fund Management) license, so, how come you say you’re going to pay others and exclude us".

"We shall vote against them on December 7", a customer who wants to remain anonymous added.
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