Gold Coast clients protest blocked investments

Company News from Monday 1st April 2019

Source: starrfm.com.gh

2019-04-01

More than four thousand Gold Coast Securities Company Limited customers in the western region are threatening to embark on a mbadive demonstration in the regional capital, Sekondi Takoradi, on their unpaid deposits.

Customers on Saturday, April 15 during a brief meeting in the esplanade of the house SSNIT in Takoradi, where the company rents an office, have decided to embark on this event scheduled for Monday, April 15, 2019.

The aggrieved customers are determined to spur the actions leading to the release of their "stuck" investments in the business by petitioning the government through the Western Regional Minister.

Daniel Asmah, Group Leader, told Empire News not to be excited about the company's financial arrangements to repay its investments.

"Judging by what's going on, a lot of people are dying … If Gold Coast does not pay us, we'll have to walk to the government. We will have presentations to Parliament and the regional minister. If all these procedures fail, we will have to do otherwise. "

Gold Coast customers have been protesting for their money for a few months now. The company's promise to pay them within three years has not been satisfactory, as they continue to invade the company's offices across the country.

In March of this year, Gold Coast Fund Management urged its clients to accept and migrate their new investment policy to ensure easy payment of their locked-in investment.

The fund management said the new product would allow customers to periodically buy back parts of the investments to meet their needs.

"In line with our October 18, 2018 customer communications, we worked with our stakeholders, including the Securities and Exchange Commission (SEC), to develop investment options to replace our financing product. structure. We are pleased to present you and offer you our replacement proposal: Cardinal Funds. The Cardinal Funds, which will be issued and governed by the Cardinal Assets Trust Fund, consist of:

"(A) an obligation that will provide a predefined interest rate; and B) a diversified equity portfolio that will generate capital gains and long-term dividends. For example, Gold and Gold Gold Money Fund Trust Fund Units generated three-year average annual returns of 30.55% and 20.07%, respectively (please note). past performance does not guarantee future results). This proposed replacement will provide our customers with the opportunity to periodically buy back portions of investments to meet their needs, "Starr News said in a statement.

The statement further noted that customers who do not migrate to the new policy will be put on a payment schedule that will allow them to receive their blocked investment between one and five years.

"Customers who choose not to transfer their investments in the portfolio described above will be placed in a payment plan for their outstanding balance with Gold Coast Fund Management. We will work with you to return your funds within one to five years, depending on several factors, including the size of the investment.

"To move forward quickly, we would be grateful if you could indicate your participation in our new funds by using the contact information below. Customer representatives will be available by appointment to explain the options in more detail. If we do not receive contact from you by March 15, 2019, your account will automatically be registered for our new investment product. "