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General News of Tuesday, 19 November 2019


Validation: SEC snubs Gold Coast customers in Koforidua

Over three hundred and fifty (350) customers of defunct Gold Coast Fund Management Limited now Blackshield Fund Management in the Eastern Regional Capital, Koforidua were left stranded at the Consolidated Bank of Ghana Monday.

The Customers trooped to the Koforidua branch of CBG for validation of their documents according to a directive by the Securities and Exchange Commission(SEC), however, they were not attended to. Some of the customers came from Akosombo, Nkawkaw, Tafo among other towns in the region.

The receiver did not show up, therefore, the customers say they will return in their numbers again today, Tuesday.

“We are close to 400 here, we came here since morning and they gave us a sheet of paper to register which we did but nobody has attended to us. They said the receiver was coming from Accra but yet nobody has come. We are stranded we don’t know what to do. This is our hard earn investments that will not be allowed to go waste so they must be serious with us”.A furious customer told Starr News on Monday.

Another Customer, Patrick, told Starr News “We waited the whole day but the receiver didn’t come so we are returning this morning”.

The Securities and Exchange Commission (SEC) last week announced specific branches of CBG where customers of the 53 collapsed fund management firms could go for validation of their documents in order to receive their claims starting Monday, November 18, 2019.

Deputy Director-General for SEC Paul Ababio on had earlier told Starr FM funds will be made available for payments of claims immediately after the validation of the claims.

“In terms of the way forward, we are working with CBG to ensure that investors can file their claims from tomorrow at CBG branches and once we’ve done the validation, we will make some funds available and that will also be announced to the general public,” he told Francis Abban on the Morning Starr.