Gold Coast  Moves Into Action *Engages debt collectors to retrieve monies 

As part of moves to recover investment funds owed Gold Coast Fund Management (GCFM), the company has engaged the services of collection agencies to start next week.

 

According to a statement issued by management of the company, and copied to Today, while in court this will also aid them in retrieving investment funds, and pay its customers of their locked-up investments.

 

Gold Coast, as a result of this, the statement said, has, however, released a revised list of its debtors as the first list which was released last week contained a few errors.

 

According to the statement, “the Non-Credit Related Exposures and customers who have fully paid off their facilities have been expunged from the new list.

 

Gold Coast, the statement, added had revised the cases under execution to reflect the judgement sum.

 

Accordingly, it said, “the total exposure has thus reduced from GHC423 million to about GHS356 million.”

 

Meanwhile, the GCFM in an earlier statement said it will still continue to demonstrate its commitment towards disbursements of Structured Finance (SF) to its cherished customers.

 

In the said statement which was signed by its General Manager in-charge of Investor Relations, Benjamin Afreh, it said, “Since October 2018, we have disbursed over GHS100 million to our customers, over GHC 20 million of which was done via asset swaps. We will continue to offer assets to interested customers.”

 

He added: “We are ready to make disbursements to the approximately 3,400 customers with account balances below GHS2,000. Payments of their principal balances will be made, in two equal installments, at the latest, 30th September and 30th October.”

 

The statement indicated that the payment schedule for 9,912 accounts between GHS 2,000 and GHS 3,000 would be announced  in due course, followed by the 14,226 accounts with balances between 3,000 and 5,000 Ghana Cedis.

 

This programme, which the statement said is expected to be completed by December 31, 2019, will cover over 25% of the entire SF portfolio.

 

It said, customers who would be scheduled to receive payments will receive notices by email, text message and in newspapers.  They will receive phone calls for them to indicate how they want the payments – through mobile money or direct transfer to bank accounts.

 

The new list of debtors is now published inside Today Newspaper.

 

Story: Atta KWAKU BOADI 

Writer’s email: kwaku.boadi@todaygh.com

 

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