Dr. Papa Kwesi Nduom who is the founder of Gold Coast fund management now Blackshield says they are sorry their customers had to go through pain upon the revocation of the license of the company by the Securities and Exchange Commission.
It could be recalled that SEC in November, 2019 revoked the license of Gold Coast fund management among others for various infractions including their inability to pay clients their investments.
However, last week, the Securities and Exchange Commission (SEC) of Ghana announced a partial bailout plan for clients of affected Fund Management Companies, including BlackShield/GCFM.
Reacting to the SEC’s announcement, founder of GCFM now Blackshield indicated that “We welcome this as a positive first step. We will continue to work with the authorities to ensure that what is due to the customers is fully paid eventually, without regard to our company’s grievances.”
Dr. Papa Kwesi Nduom further indicated that they are painfully aware of the financial stress their clients, many of whom had been their loyal customers for well over two and a half decades have experienced over the past two years upon the revocation of their operational license and that they are sorry their clients had to go through such pain.
Dr. Papa Kwesi Nduom in a Facebook past said “People have had to delay weddings, education, building homes, medical procedures, and other life milestones because of the crisis. Pensioners in particular have had an extremely stressful experience. We are sorry that our cherished clients have had to go through such pain.”