President and Chairman of Groupe Nduom (GN), Dr. Papa Kwesi Nduom has directed Gold Coast Fund Management (GCFM) to proceed to court to recover investment funds and pay aggrieved customers of their locked-up investments.
He has also directed the company to make available to the media and in all their offices, the list of everyone who owes Gold Coast and GN Savings and was not making any effort to pay funds back.
He pleaded with regulators in the financial sector to intervene with government agencies, also without the needed results, Today newspaper reports.
Aggrieved customers of the Gold Coast Fund Management have been protesting against the Groupe Nduom Companies to demand their locked-up cash.
The customers called on President Nana Addo Dankwa Akufo-Addo and the government to intervene and help retrieve their investments.
The angry customers said the group Chairman of the financial institution Dr. Papa Kwesi Nduom deliberately decided and refused to pay them back their fixed deposit investments.
The demonstration was dubbed: "Nduom Kum yen preko".
The customers clad in red attire held placards with inscriptions such as "Nduom is using our money for crypto currency", "Mr president, God is watching", "You are a liar Paa Kwesi", "Dr Nduom bring back the monies of disabled (persons)" and marched through the principal streets of Kumasi on Tuesday, May 14, 2019.
The members made up of pensioners said they are unable to take care of their basic needs.
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INVESTORS AT GOLD COAST ARE REALLY SUFFERING SINCE THEY HAVE NOT BEEN ABLE TO ACCESS THEIR FUNDS FROM MID AUGUST 2018. IN ANY SERIOUS JURISDICTION, THE GOVERNMENT WOULD HAVE INTERVENED TO SETTLE THEM AS THEIR ACTIVITIES WERE SANCTIONED BY SEC AND THEN DEAL WITH THE DIRECTORS OF THE FUND. SOME DEPOSITORS HAVE DIED WHILE OTHER ARE LEAVING IN ABJECT POVERTY BECAUSE THEY CANNOT PULL THE TWO ENDS OF LIFE TOGETHER. PLEASE NPP SHOULD URGENTLY SOLVE THIS PROBLEM AS IT HAS THE POTENTIAL OF DKM WITH ELECTIONS JUST AT THE CORNER. A WORD TO THE WISE THEY SAY IS IN THE "NORTH".
Dr.nduom should strictly mount pressure on SEC and other gov't agencies responsible for monetary regulation to intervene vigorously to vindicate clients over their lock up funds. Please keep them on their toes until is done. GOD bless us all
Astute businessmen don’t bite more than they can chew. Despite my admiration for Dr Nduom, investment is a risk so you don’t do that with people’s money.
Dr Nduom is one of most trusted entrepreneurs,with asolid intellectual background and experience in our country.Investors should appreciate that his companies are facing genuine problems and should therefore be given time to sort things out.