Gold Coast funds locked up in Govt contracts – SEC

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The Securities and Exchange Commission (SEC) has disclosed that Gold Coast Fund Management (GCFM) has locked up funds in government contracts and is working with the company to retrieve their funds. 

The SEC says it is holding discussions with Gold Coast as well as other companies on potential solutions to enable them generate and pay back locked up funds of frustrated customers.

Head of Policy and Research at the SEC, Emmanuel Ashong-Takai, says the SEC is holding discussions with Gold Coast as well as other companies on potential solutions to enable them generate and pay back locked up funds of frustrated customers.

He was speaking in an interview with Joy News on the side-lines of a public lecture organised by the Institute of Chartered Accountants Ghana in Kumasi.

“We’re holding a series of engagements with the company [Gold Coast] to bring certain assets on board so that we can generate enough funds to pay their investors. What is happening is that they have a lot of investments locked up with microfinance companies and government contracts as well as other places so we are trying to see how best we can mobilise these resources so that investors can have their monies back,” Mr Ashong-Takai revealed.

Meanwhile, the GCFM has recently gone public with efforts it is making to redeem its investments with government contractors and placements with other financial houses. The company revealed that it intends to deliver a prospectus and related documentation on its Cardinal Offer to the SEC by the end of April.

The company hopes that the approval of its Cardinal Offer by SEC will provide a roadmap for other struggling fund management companies seeking solutions to their liquidity challenges.

Source: Samuel Duwouna | Adom News

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