Nduom’s customers on the neck of SEC

Nduom’s customers on the neck of SEC

An angry group by name Concerned Gold Coast Fund Management Customers is demanding answers from the Securities and Exchange Commission (SEC) to be swi

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An angry group by name Concerned Gold Coast Fund Management Customers is demanding answers from the Securities and Exchange Commission (SEC) to be swift in helping them get their investments with Gold Coast Securities.

Gold Coast Securities is a subsidiary of the Nduom Group of Companies and according to the group, it had petitioned SEC to intervene in the confusion that is rocking the Nduom group subsidiary and its customers, whose investment had been locked up.

The group explained that it petitioned SEC because it believes these investments were regulated activities.

However, the group complained that SEC had been very slow in dealing with its regulatory mandate, wondering why since 2014, SEC had been silent and unconcerned and allowed the financial companies to flout their own directives at the detriment to investors.

The group had made six requests and they include Gold Coast Securities providing accurate statements of accounts, certificates of investment and accrued interest to be paid on outstanding balances since funds are still lodged with the securities company while solving the locked-up investments.

Again, it appealed to the government to pay its GHc2 billion debt it owes Gold Coast Securities. That way, the company would be able to pay off its numerous customers.

The group also wants Gold Coast Securities to reconcile all customers’ statements of account, certificates of investments and interest to enable them know exactly what is due them.

SEC must open the books of Gold Coast to uncover where the monies have been diverted.

They further want the Bank of Ghana must also investigate the books of GN Savings and Loans, then, GN Bank, to establish how depositors’ funds were appropriated.

Lastly, Gold Coast Securities must abide by the agreements to forestall the unnecessary anxiety of their members.

By: Umar Sheriff/awakenewsonline.com