Gold Coast customers to protest over locked up investments

Over four thousand customers of Gold Coast Securities Company Limited in the Western Region are threatening to embark on a massive demonstration in the regional capital, Sekondi Takoradi, over their unpaid deposits.

The customers on Saturday at a brief meeting at the forecourt of SSNIT House in Takoradi, where the company rents an office space, decided to embark on this intended demonstration on Monday, April 15, 2019.

The aggrieved customers are determined to stimulate actions leading to the release of their “locked up” investments with the company by presenting a petition to government through the Western regional Minister.

A convener of the group, Daniel Asmah told Empire News they are not enthused about the company’s financial arrangements to pay off their investments.

“From the look of things a lot of people are dying out of this…if Gold Coast fails to pay us then we will have to march to the government. We will have presentations to Parliament and the regional Minister. If all this procedures fail, we will be forced to do otherwise.”

Customers of Gold Coast have been protesting for their monies for some months now. A promise by the company to pay them within three years has not gone well with them as they continue to invade offices of the company across the country.

Gold Coast Fund Management in March this year appealed to its customers to accept and migrate onto their new investment policy in order to ensure easy payment of their locked up investment.

Management of the fund said the new product will enable customers to periodically redeem portions of investments to meet their needs.

“As per our communication to our customers on October 18, 2018, we have been working, in collaboration with our stakeholders, including the Securities and Exchange Commission (SEC), to develop investment options to replace our Structured Finance product. We are pleased to introduce and offer for your consideration our proposed replacement: The Cardinal Funds. The Cardinal Funds, which will be issued and governed by the Cardinal Assets Trust Fund Company, are comprised of the following:

“A) a bond that will provide a predefined interest rate; and B) a diversified equity portfolio that will provide long term capital gains and dividends. As an example, the Gold Fund Unit Trust and Gold Money Market Funds returned average 3-year annual returns of 30.55% and 20.07%, respectively (please note that past performance does not guarantee future results). This proposed replacement will offer our customers the ability to periodically redeem portions of investments to meet their needs,” a statement sighted by Starr News said.

The statement further noted customers who do not migrate on the new policy will be put on a payment schedule which will make them receive their locked up investment between one and five years.

“Customers who choose not to transition their investments into the portfolio described above will be placed on a Payment Plan for their outstanding balance with Gold Coast Fund Management. We will work with you to return your funds within a one to five-year period to be negotiated based on a number of factors, including the size of the investment involved.

“To move forward quickly, it would be greatly appreciated if you could kindly indicate your participation in our new funds using the contact information below. Customer Representatives will be available by appointment to explain to you the options in greater detail. If we do not receive contact from you by March 15th, 2019, your account will be automatically enrolled in our new investment product”.

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