Pay the interest on our locked up funds in 2 weeks – customers of defunct GCFM Company tell Dr. Nduom

On June 18, 2024, 9:27 PM

Aggrieved Customers of the Defunct Gold Coast Fund Management Company has given a 2-week ultimatum to Dr. Papa Kwesi Nduom to provide clarity on a number of issues including a payment plan on the interest accrued on their locked up funds.

The group, led by convener, Charles Nyame accused Dr. Papa Kwasi Nduom of not being honest and transparent to the customers of the defunct company.

A statement issued after a press conference by the group at the Osu Presby Hall in the Greater Accra region on June 18, 2024 demanded explanations into the total amount owed to the government by the collapsed company.

“If indeed it is true that the actual money of clients’ investment by Blackshield (Gold Coats Fund Management Company) in the said government contracts is GH₵500 million, then the money Dr. Nduom must account to the customers of Blackshield would swell from GH₵3.3bn to GH₵4.6bn.”

“Again, assuming without admitting that the total sum of GH₵1.8bn Government owed to Group Nduom is from the investment of Blackshield clients, why couldn’t Blackshield tap into the other larger pool of investments of GH₵3.3bn or GH₵4.6bn to pay customers who wanted to redeem some or part of their investment?” Mr. Nyame quizzed.

Mr. Nyame said a lot of the customers have passed due to trauma and the financial distress they had to go through in demanding for their investments.

“Dr. Nduom, why did you silently keep GHC4.6 billion of Blackshield clients’ investments and leave over 900 of our members to die from medical conditions that could have been treated if they had their money?”

Mr. Nyame reiterated that the customers will take their next action on July 1, 2024 if the ultimatum expires without a favourable response.

“We are giving a two week timeline starting from today, June 17th, 2024 to July 1st, 2024 for you Dr. Papa Kwesi Nduom to address the following:

If you have stated that the GH₵1.8 billion, you claim was owed you is now estimated to be GH₵7.1bn. Then, can you tell us how much the GH₵4.6bn you have silently kept to yourself is currently worth including accrued interest based on your own interest calculating model used for your purported amount owed to you by the Government?
Excluding the validated amount liable and subject to the government’s bailout package, Dr. Nduom should come out with a payment plan that would not exceed a 90-day settlement plan for the six years of accrued interest on the GH₵4.6 billion Dr Ndoum has silently kept to himself.

Last but not the least, Dr. Nduom is reminded to include the 13-month interest gap that fell short in the SEC validation calculation to the 90-day payment plan we are demanding.

The group called for the intervention of the chair of the Special Parliamentary Committee.

“We use this occasion to appeal to the Chairman of the Special Parliamentary Committee set to I investigate why the delayed payment of customers of Gold Coast Fund Management, Hon. Joe Ghartey, to as soon as practicable, come out with the committee’s report, which we believe it may encourage the government to expedite its action on our payment”, Mr. Nyame said.