The Coalition of Aggrieved Customers of Gold Coast Fund Management, now Blackshield Capital Management is not happy about the decision by Securities and Exchange Commission (SEC) to revoke the licence of the firm.
RELATED STORY: Just in: SEC revokes licences of Gold Coast Securities; 52 others
They feared they may suffer the same fate as customers of defunct gold dealership firm, Menzgold whose monies are still locked up.
SEC on Friday, November 8, 2019, revoked the licenses of 53 Fund Management Companies. Blackshield Capital Management is among 32 operating firms whose licences have been revoked.
Group Nduom, majority shareholders of Blackshield Capital Management (formerly Gold Coast Fund Management) has expressed disappointment at the revocation of the company’s licence.
RELATED STORY: List: 53 securities, fund management companies whose licences have been revoked
The regulator has, however, asked customers not to engage in panic withdrawals but rather educate themselves and do the needful.
But, secretary for the aggrieved customers of Gold Coast Management, Joseph Ayitey in an interview on political discussion show, Kukurantumi on Asempa FM, Saturday said SEC rushed.
He expected the regulator to respond to their petition instead of revoking the license of the company.
RELATED STORY: Licence revocation: Nduom reacts
“Government has not said anything about our petition only to hear their licences have been revoked. Will this revocation bring our monies?” He quizzed.
Mr Ayitey said the government should have engaged the customers before taking the final decision.
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