Gold Coast Fund committee begins public hearing Feb. 27

Story: Yaw Takyi 

The ad-hoc committee established by the Speaker of Parliament to probe matters relating to the locked-up funds of customers of defunct Gold Coast Fund Management Limited is set to begin its public hearing on Tuesday, February 27, 2024.

This follows a petition presented to the House by the Member of Parliament (MP)  for Bawku Central, Mahama Ayariga, on behalf of the group.

The customers, in their petition, are demanding an investigation to establish reasons accounting for the government’s failure to pay their locked-up funds and also compelling the government to pay their investments.

The committee, chaired by the Member of Parliament for Essikado-Ketan, Joe Ghartey, will be sitting on the matter from February 27, 2024, to Thursday, February 29, 2024.

It would be recalled that the Securities and Exchange Commission (SEC) withdrew the licenses of 53 fund management companies on November 8, 2019.

The SEC said the affected companies failed to return client funds which remained locked up in, contravention of the investment rules.

“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches,” a statement issued by SEC on Friday said.

The companies included  All Time Capital, Blackshield Capital Management (formerly Gold Coast Fund Management), Frontline Capital Advisors, Unisecurities Limited and Ideal Capital Partners.

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