The Security and Exchange Commission (SEC) is currently working on a roadmap with the troubled investment company, Gold Coast Securities.
The Commission says the plan will enable the company to pay its customers their monies.
It would be recalled that the Economic and Organised Crimes Unit [EOCO] in 2018 begun investigations into the operations of fund managers, Gold Coast Securities after clients complained that they were struggling to retrieve their investments.
After months of protests and petitions, the customers who are yet to get paid have also called on SEC to help them retrieve their investments, which matured in the last quarter of 2018
Speaking on the Citi Breakfast Show on Tuesday, Deputy Director General of Securities and Exchange Commission, Paul Ababio, was optimistic that discussions between his outfit and the company would address the concerns of the aggrieved customers.
“We have received some information, and the company has also approached us with a solution as to how they will manage the situation. I think part of this has also got to do with the reforms we are introducing. We have given them feedback, and they are working with some of the directions we have given them. We expect to meet them again in the weeks ahead for [further actions].”
Tamale: Angry Gold Coast customers demand payment of locked up cash
On Monday, some of the Gold Coast customers in Tamale stormed the banking hall to demand their investments.
One of the customers who spoke to Citi News on condition of anonymity, said the situation is worrying, hence their call for the Securities and Exchange Commission, SEC, to force the troubled company to provide them with a payment schedule.
“We need our money, have our monies now turned into certificates? This is not what we need. All we need is our money. We hear they are going to pay us in March. But we don’t want that because we can’t wait till March, and have our stores still locked up. Although SEC has ordered them to pay us, they are not and SEC is also not saying anything, he added.
Your investments are safe – Gold Coast Holdings assures customers
Meanwhile, Gold Coast Holdings has constantly assured its customers and the general public that their investments are safe and secured.
It is, therefore, appealing to customers to exercise patience as it makes efforts to ensure that all customers receive their monies.
According to the company, it is making significant progress in transforming the Structured Finance product that thousands have benefited from to become an even more beneficial one.
The assurance comes after some customers of the company formed a group, called the Concerned Gold Coast Fund Management Customers petitioned the Bank of Ghana, Securities and Exchange Commission and the presidency.