Gold Coast Fund Management last week started payments to its Individual Structured Finance (SF) clients nationwide. The payment comes ahead of the planned schedule for the official instalment payments due to begin on March 1, 2019 over a three-year period.
This was stated in a press release issued at the weekend and signed by the Head, Groupe Nduom Corporate Affairs, Frank Owusu-Ofori.
Gold Coast Fund Management, the statement said, had earlier issued a statement informing its customers of a new directive from their regulators, the Securities and Exchange Commission (SEC), to stop all SF related products, which guaranteed return on investments.
In view of this directive, the statement said GCFM made changes to its products and services by discontinuing the sale of its SF product effective October 22, 2019.
Consequently, the statement added that Gold Coast announced a three-year instalment payment window beginning on March 1, 2019, during which all customers on the SF would be paid all their monies.
“But the Fund Manager, that has won several awards, has been quick off the mark in reaching out to its customers, a sign of assurance from management that they have put in measures to ensure all existing customers of their SF products receive all monies due them.”
“So far about 3000 customers have been paid across the country,” the statement disclosed.
In addition, it said customers with their interest due them, prior to October 22 and processed, will be paid their monies by end of this year 2018.
The Chief Executive Officer of Gold Coast Holdings, Kwame Asomaning, revealed, “Gold Coast has so far paid about 3000 of our customers and we are working around the clock to ensure that all investments of the remaining customers are duly paid them without anyone losing their money,” the statement noted.
He added that Gold Coast has for the past 25 years created and preserved wealth for its customers and asked the remaining customers who have not yet received their monies to be patient as management would ensure they are all paid.
Meanwhile, the three-year payment period, which is scheduled to begin in March, would continue on a quarterly basis until the period is exhausted and all clients paid.
According to the CEO, Gold Coast has assigned an Investment Advisor to each customer to assist in managing their portfolio and funds and work with them during periods of emergencies with the aim of meeting client’s unique needs as much as possible.
He noted that “other alternative investment products such as Gold Coast Unit Trust (GFUT) which is currently the best equity fund in the country and Gold Market Fund (GMMF) have not been affected by the directive.”
Gold Coast Fund Management, formerly Gold Coast Securities is a full service investment firm established in 1993.
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