Clients of Gold Coast Security in the western region on Monday morning stormed the Takoradi Office to collect their deposites and returns due them on investments they have with the Gold Coast Security Limited.
In a letter distributed to clients by the company, management of Gold Coast Security has emphatically stated that the company “wish to discontinue our retail guaranteed short term SF product effective 22nd October 2018”.
The statement continues to say that Gold Coast Security have invested their investments mostly into medium and long term government of Ghana infrastructure project in addition to other viable project.
“To enable us continue with our investments and given the gestation period of the investments made, we will have to enter into a Discretionary Fund Management Agreement with you for a three-year period”.
This according to Gold Coast Securities will allow them to continue to pool fund with those of other investors and also to ensure that we pay back in full and completely all invested funds over the period.
Though the statement, clearly states that expected returns on investments for the period after yesterday, 22nd October 2018 will be provided for in the agreement, the aggrieved clients of Gold Coast Security who flood the Takoradi Main Office on the first floor of the SSNIT building in Takoradi were in total disagreement with the management of Gold Coast Security shouting on the manager and the working staff to give them their investment.
Lamenting their ordeal to Business Today, some of the aggrieved clients of Gold Coast Security said that the decision taking by the company is not in their best interest since there are other ventures they cloud invest their monies.
Meanwhile, reports reaching Business Today on Beach 105.5 FM indicate that there are others whose investment with Gold Coast Security are due as far back as September 2018 but the Fund managers are yet to pay them.
It will be recalled that the Securities and Exchange Commission (SEC) has asked all Fund Managers to stop offering guaranteed returns on investment to their clients.
The directive which has been in effect since July 2018, is among the numerous interventions to sanitise the industry and protect the integrity of the capital market.
The Director General of the SEC, Daniel Ogbarmey Tetteh in an earlier interviews with CITINews, explained that his outfit will enforce the policy to the latter.
Till the dust settles within the capital market, client of Gold Coast Security continue to live in limbo not knowing what has become of their investments in the face of all the assurances from the management of Gold Coast Security and the Securities and Exchange Commission (SEC) for offering guaranteed returns peoples investments.
Kojo Ennimil Arthur | Beachfmonline.com | Ghana