Blackshield Fund Management, formerly known as Gold Coast Fund Management has described the demonstration and demands by some of its aggrieved customers as unfortunate.
According to a statement from the firm, it has made tremendous progress in the implementation of a solution to meet the needs of customers.
“We have taken note of the demands being circulated by leaders of a group calling themselves the “Aggrieved Customers of Gold Coast Fund Management,” led by individuals including Mr. Charles Nyame (a former customer whose investment has been fully paid). We find the planned demonstration, petition, and associated demands to be very unfortunate, given the tremendous progress we have made towards implementing a solution that will ensure that all of our customers will have their needs met.”
The statement further added that Blackshield has begun paying back customers beginning with those with balances below GHc2,000.
“We have announced and are following a program of paying our customers, beginning with those with balances below GHc2,000. We have also recently announced changes to our barter program that will allow customers to acquire brand new items such as generators, televisions, and motorcycles using investment balances. Payments are ongoing and will continue until every customer is satisfied. As we are able to collect our funds from those who owe us, the rate at which we can move to those with higher balances will increase. We are currently calling our customers with balances under 2,000 to confirm their mobile money or bank details and make arrangements to pay them. We are aware that members of the group have encouraged those receiving calls not to answer the phone and not to come for their money, arguing that these payments are a tactic to reduce their strength as a unified group. We wish to assure our customers that our phone calls are genuine and urge them to come for their money when contacted”.
Blackshield further rejected the supposed list of 80,000 customers said to have their investments locked up with Blackshield.
“Gold Coast Fund Management’s Structured Finance product, which is the product in which the members of the customer group have investments, has never had more than 80,000 customers. As of October 2019 the structured finance product has less than 60,000 investors. It is not and never was possible for 800,000 customers to embark on a simultaneous demonstration as stated by the group”.
Below is the full statement
Statement Regarding 15th October Demonstration
We have taken note of the demands being circulated by leaders of a group calling themselves the “Aggrieved Customers of Gold Coast Fund Management,” led by individuals including Mr. Charles Nyame (a former customer whose investment has been fully paid).
We find the planned demonstration, petition, and associated demands to be very unfortunate, given the tremendous progress we have made towards implementing a solution that will ensure that all of our customers will have their needs met.
Gold Coast Fund Management’s Structured Finance product, which is the product in which the members of the customer group have investments, has never had more than 80,000 customers. As of October 2019 the structured finance product has less than 60,000 investors.
It is not and never was possible for 800,000 customers to embark on a simultaneous demonstration as stated by the group. We have announced and are following a program of paying our customers, beginning with those with balances below GHS 2,000.
We have also recently announced changes to our barter program that will allow customers to acquire brand new items such as generators, televisions, and motorcycles using investment balances. Payments are ongoing and will continue until every customer is satisfied.
As we are able to collect our funds from those who owe us, the rate at which we can move to those with higher balances will increase. We are currently calling our customers with balances under 2,000 to confirm their mobile money or bank details and make arrangements to pay them.
We are aware that members of the group have encouraged those receiving calls not to answer the phone and not to come for their money, arguing that these payments are a tactic to reduce their strength as a unified group. We wish to assure our customers that our phone calls are genuine and urge them to come for their money when contacted.
Members of this group have made it their agenda to try and destabilize the operations of Groupe Nduom member companies such as the Coconut Grove Regency Hotel.
During one of the visits to the hotel, a Coconut Grove manager was physically assaulted and stones were thrown through the windows of the hotel’s security gate. Pictures and videos of the incident have been forwarded to the police and criminal and civil actions are being pursued.
We have reached out several times to the executives of the group to meet and work out an amicable arrangement but they have rejected those attempts.
Our management team will continue to communicate with our customers to explain the way forward and assure them of the safety of the funds they have invested in the SF product.
Signed,
Benjamin Kofi Afreh
For: Management of BlackShield
