Today has picked up a report that Gold Coast Fund Management (GCFM) has, within the period from August 2018 to date, paid 8900 customers who invested in its Structured Finance (SF) or Guaranteed Fund product.
This is in accordance with an open commitment by the investment bank to complete total redemption of customers who have their investments and other forms of deposits with the SF portfolio within a three-year period.
The number, according to GCFM, represents the first phase of payments.
It said, the second phase is also currently in operation.
GCFM, Today’s further checks showed, has created a special office with a hotline where clients are called daily to validate their deposits where instantly those who fall within the first phase payment have their monies sent to them via mobile account number or any bank of their choice.
By this process, Today uncovered that GCFM has paid GHC2.6 million to its customers within the first phase of the exercise which are either in cash or assets swap.
According to the company, it intends to continue with the exercise as and when state agencies that owe GCFM make do with the promise to redeem their indebtedness to Gold Coast.
In the course of the phase two of the exercise, GCFM says it would be continuing with the cash payments as well as the assets swap.
The assets, the company said, include television sets, computers, air conditioners, or “even properties depending on the amount or the quantum of the customers’ deposits with the financial institution.
Gold Coast had challenges when the Securities and Exchange Commission (SEC) decided to bar all investment banks from taking deposits relating to its SF or GF product or portfolio.
Large chunk of Gold Coast’s SF product were invested in long-term projects like road construction, sea defence projects, modernised agriculture, markets and many other infrastructural projects.
GCFM said it decided to invest in such long-term developmental projects when it became apparent that most investors of the short-term SF product decided to roll over or reinvest their deposits after the expiration of the regulatory three months period.
“So although on the face value, the matured date for the SF portfolio was three months, the fact remains that most customers had overstretched the maturity period because of their decisions to roll over their investments after the three months maturity period,” the company said.
It added: “Gold Coast had no option than to invest these investments in the long-term to ensure that customers get value for their investments”.
The company claimed that, it has sponsored and completed projects that are in arrears with state agencies amount to some GHC900-1billion.
Nonetheless, the company says it has put in place contingencies to ensure that every customer gets his/her monies paid back to him/her within the three-year period it has set to redeem every deposit due every customer barring any unforeseen circumstances.
Source: Today Newspaper
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this is a very biiiiiiiiiiiiiiiiigggggggggggg lie. just publish the names of those you claim to have received their money.
***barred word*** publish the list of those you claim to have paid GCFM leaders are criminals. Pay us our money and stop deceiving people
Hahahahahahaha, I laugh go enter the bedroom of the Editor for Today Newspaper over this shameful story. Is the Editor/Reporter for real? What kind of unprofessional journalistic work is this. I think they better rename the paper Nduom PR News because their stories are PUURE LIIIIEEEES and I pity those singing the praises of Dr. Nduom knowing very well that they are lying through their teeth. Very soon your salaries will be turned into a fixed deposit for you and you will testify whether GCFM has been paying or not. Prepare yourselves for more demonstrations. Please sell the Bank in Chicage and transfer Bank our deposit you transferred to Donaldtrumpland for payment of your customers if you mean well. Until then, We shall protest until the Board, Management and the Family which are also beneficiaries of the booty are brought to justice. Indeed God loves Ghana very much for not enabling Dr. Nduom to become the president of Ghana. Lying would have been the order of the day. @#Nduompayusourmoneynow# @#Nduomstopthepropagandanow#
Paid serial messengers! Cheap propaganda!!
this pure lazy journalism, have any media house taken the list of those who have been paid to confirm from them. I have not taken a dime from them for a year now neither has other five customers I know
I bet my bottom dollar that most of the responses are schemed to make GCFM look good. It's an inside job. STOP THE CRAAAAAAAAP
Thank you very much for thsi
In the course of the phase two of the exercise, GCFM says it would be continuing with the cash payments as well as the assets swap. STOP THE PROPAGANDA. WE REQUEST FOR AN ASSET SWAP AND EVEN ACKNOWLEDGING OUR REQUEST BAABU - WE'VE CALLED SEVERALLY WITHOUT RESPONSE FROM THE LINES STATED IN THE ASSET SWAP ADVERT. DON'T RUB SALT IN OUR INJURIES WITH THESE LIES.
We can't wait for it to get to our turn.
Well done sir, we are praying for you