May 25, 2019


Group demands probe into Gold Coast Fund Management over locked up funds

Group demands probe into Gold Coast Fund Management over locked up funds

A group calling itself the Coalition of Aggrieved Customers of Gold Coast Fund Management in the Ashanti Region, has called on the Economic and Organized Crime Office, EOCO, to investigate owners of the company over customers’ locked up investments.

The group in a petition also asked the government to liquidate the company’s assets if it fails to pay back customers their investments by 31st May 2019.

With red armbands and placards displaying various inscriptions, the crowd took off from the Kumasi Cultural Centre and moved to the Regional Coordinating Council where leadership presented a petition to the Ashanti Regional Minister for onward submission to the President.

The spokesperson for the group said their locked up funds have incapacitated to the extent where they can’t employ the service of a lawyer.

“We don’t have the funds to hire a lawyer because at this stage all our funds have been locked up with the company. We want government to set up an independent investigation and audit into the GCFM because we have pick up information that Papa Kwesi Nduom has loaned out a bulk of the investment to his private business in and out of the country,” he said.

Ashanti Regional Minister, Simon Osei Mensah, said he has received the petition on behalf of the presidency and will ensure their concerns get to the right authorities.

“I am assuring you that I will do all that is within my possible best to forward this to the President and as you all know him within the law I am sure justice will take its course and ensure that your safety and interest are protected,” he said.

More than 200 aggrieved customers of the Gold Coast Security Fund Management (GCFM) on Tuesday marched through the streets of the Ashanti Regional capital, Kumasi to push the management of the company to pay back their monies.

They said they will continue such protests until the company, which is owned by Dr. Papa Kwesi Nduom, founder of the Progressive People’s Party (PPP), pays them their monies.

Meanwhile, the company has been directed by the Securities and Exchanges Commission (SEC) to cease collection or receipts of new funds from the public “until all clients and investors with outstanding matured investments have been paid or mutually agreed settlement terms reached.”

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