Blackshield Fund Management customers petition Citi FM/TV over locked-up cash [Video]

A group of aggrieved customers of Blackshield Fund Management, formerly known as Gold Coast Fund Management Company, has petitioned Citi TV/FM to intervene on their behalf for the government to pay back their locked-up cash.

According to them, attempts to get the government to pay back their locked-up funds since June 2018, have been futile.

One of the members of the group, Kwesi Silvius Gilbert Arthur, reading the petition, appealed to the government to shelf the court processes and go on to pay them their cash.

“We wish to use your medium to plead with the government of the day that they should shelve all court processes with the GCFM on purely humanitarian grounds and proceed to use the GHS3.1 billion bailout package as announced by His Excellency, President Akufo-Addo in September 2020 to help relief Gold Coast fund management customers of their pain and hardship as it is being done for our other colleagues with the 22 fund management companies who are currently being paid by the government from the GHS3.1 billion government bailout package.”

“It is also worthy to note that our counterparts in the banking sector have been paid despite some of these banks and Savings and Loans institutions being in court with the government,” he read.

They noted that their investments were legal under the Securities and Exchange Commission and as such the government’s unconcern for their plight is unfair.

Find the full statement below:

License of Black Shield Fund Management revoked

Gold Coast Fund Management [now Blackshield] had its license revoked by the Securities and Exchange Commission (SEC) on November 8, 2019.

The Commission noted in a statement that over 50 other Fund Management Companies have had their licenses also revoked for various infractions.