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Business News of Monday, 12 November 2018
Source: newswiregh.com
2018-11-12
Gold Coast Securities
Indigenous securities broker-dealer and investment adviser Gold Coast Securities has begun the payment of monies to its customers on the company’s Structured Finance (SF) investment.
The company says about 3,000 of its customers have received their payments with the remaining scheduled to receive their monies between now and the next three years in a structured form.
Gold Coast Fund Managemnt had earlier issued a statement informing its customers of a new directive from their regulators, the Securities and Exchange Commission (SEC) to stop all SF related products which guaranteed return on investments.
In view of the said directive, the Investment Firm made changes to its products and services by discontinuing the sale of its SF product effective October 22, 2019.
Gold Coast also announced a three year installment payment window beginning on March 1, 2019, during which all customers on the SF would be paid all their monies.
Portions of a statement by the company read, “So far about 3000 customers have been paid across the country.In addition, customers with their interest due them, prior to October 22 and processed, will be paid their monies by end of this year 2018.”
Read the full statement by Groupe Nduom on the said payments
12th November, 2018
PRESS RELEASE
Gold Coast Pays 3,000 Structured Finance Customers
Gold Coast Fund Management, last week started payments to its Individual Structured Finance (SF) clients nationwide. This payment comes ahead of the planned schedule for the official installment payments due to begin on March 1, 2019 over a three year period.
Gold Coast Fund Management had earlier issued a statement informing its customers of a new directive from their regulators, the Securities and Exchange Commission (SEC) to stop all SF related products which guaranteed return on investments.
In view of this directive, the Investment Firm made changes to its products and services by discontinuing the sale of its SF product effective October 22, 2019. Gold Coast also announced a three year instalment payment window beginning on March 1, 2019, during which all customers on the SF would be paid all their monies.
But the Fund Manager, that has won several awards, has been quick off the mark in reaching out to its customers, a sign of badurance from management that they have put in measures to ensure all existing customers of their SF products receive all monies due them.
So far about 3000 customers have been paid across the country.
In addition, customers with their interest due them, prior to October 22 and processed, will be paid their monies by end of this year 2018.
The Chief Executive Officer of Gold Coast Holdings, Kwame Asomaning revealed, “Gold Coast has so far paid about 3000 of our customers and we are working around the clock to ensure that all investments of the remaining customers are duly paid them without anyone losing their money.”
He added that Gold Coast has for the past 25 years created and preserved wealth for its customers and asked the remaining customers who have not yet received their monies to be patient as management would ensure they are all paid.
Meanwhile the three year payment period which is scheduled to begin in March would continue on a quarterly basis until the period is exhausted and all clients paid.
According to the CEO, Gold Coast has badigned an Investment Advisor to each customer to badist in managing their portfolio and funds and work with them during periods of emergencies with the aim of meeting client’s unique needs as much as possible.
He noted that “other alternative investment products such as Gold Coast Unit Trust (GFUT) which is currently the best equity fund in the country and Gold Market Fund (GMMF) have not been affected by the directive.” Gold Coast Fund Management, formerly Gold Coast Securities is a full service investment firm established in 1993.
Signed
Frank Owusu – Ofori
Head, Groupe Nduom Corporate Affairs
Background
A wave of panic withdrawals are said to have hit a number of investment companies following directives from the Bank of Ghana (BoG) and the Securities and Exchanges Commission (SEC) to gold dealership firm, Menzgold to halt operations.
SEC says though it has directed the company to suspend the buying and selling of gold deposits, it has not asked the gold dealership firm to suspend the payment of dividends to its clients – something the company has failed to do despite setting and missing at least three different timelines to initiate payment to clients.
The company has recently launched a new online gold trading product that would enable customers to receive prompt extra values and principal payments.
A statement issued and signed by the Acting Head of Communications, Nii Amarh Amarteifio, Friday, said the agreed percentage of principal payments to be paid would be made via direct transfer into the account of customers who have expressed their willingness to terminate their transactions.
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