An investment firm, Gold Coast Fund Management has said it has started paying customers of the company who want to redeem their investments.
According to Gold Coast Fund Management, payment of customers' investments started last Thursday.
The firm had in the past struggle to pay clients due to what they said was the government's inability to pay debts owed contractors for work executed.
General Manager in charge of Investor relations Benjamin Kofi Afreh in an interview with Joy FM said, "In every sphere of life they are people who are considered vulnerable to what we are doing is to make a very conscious effort to raise money to pay at least those with some smaller amounts, someone may have like 1,000 you may not recognise it but it is their life their different categories but for the start we want to make sure that those smaller amounts we are able to take care of them.."
Gold Coast Fund Management engages SEC over liquidity issues
Gold Coast Fund Management (GCFM) has welcomed confirmation by the Securities and Exchange Commission (SEC) that it is seriously engaging with the company to find a lasting solution to the liquidity crisis it is facing.
The Commission has revealed it has received and started reviewing proposals from GCFM, the biggest fund manager, on how the company hopes to meet payment obligations to its customers and investors.
The news came via a statement released by the SEC which said, “The Commission is presently reviewing the viability and soundness of the proposals and wishes to assure all interested parties that it is doing so only in the interest of investor protection.”
Gold Coast Fund Management has expressed optimism that the approval of its proposal would give their clients real value for their investment and provide a roadmap for other struggling fund management companies seeking solutions to their liquidity challenges.
General Manager, External Affairs and Investor Relations, Benjamin Afreh in an interview with Citi FM on April 16 said, “We submitted Cardinal Offer as an investment option to our Structured Finance Product. We believe the Cardinal Offer will give our customers real value for their investment while helping to mitigate our liquidity challenges.”