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SEC has directed us to stop guaranteed return on products-Gold Coast Securities

Written by  Oct 22, 2018
Gold Coast Security has said it is currently complying with directives from the Securities and Exchange Commission (SEC) to stop guaranteed return products. Chairman of Groupe Nduom (GN), Dr. Papa Kwesi Nduom in a Facebook said, the company has replaced this ‘’…with a Collective Investment scheme (With Investments made with customers’ money to be liquidated and all Customer Funds To be paid over 3 years); about three thousand customers will be paid back their investments next week. This process will continue until all 100,000 people get their monies back.’’ He went on to state that: ‘’ Individuals can choose to invest in alternative Gold Coast funds when their investments are paid to them. The public should note that the practice of keeping short term money where customers come monthly and quarterly for funds and rely on the investments for emergencies is not a feasible way to fund a credible medium to long term investment program.’’ Read Below the full statement: For the Benefit of the Public about Gold Coast It is important that we clarify certain facts about Gold Coast Holding Company as follows: 1. Gold Coast companies and products are working and performing very well including pension, provident funds, brokerage, mutual fund and unit trust. Altogether, there are over 800,000 customers. 2. Indeed the Gold Fund Unit Trust is the best performing fund of its type in Ghana this year at over 19%. 3. There is only ONE Gold Coast product that is undergoing change and IT IS THE STRUCTURED FINANCE Product OR SF. This product has almost 100,000 customers out of the 800,000 Good Coast has. We have started compliance to Securities and Exchange Commission (SEC) directive to STOP guaranteed return products so from now on, NO MORE SF. For individuals, it has been replaced with a Collective Investment scheme (With Investments made with customers’ money to be liquidated and all Customer Funds To be paid over 3 years); about three thousand customers will be paid back their investments next week. This process will continue until all 100,000 people get their monies back. For institutional Customers, their investment have been put into a Managed Account for continuous management. 4) Individuals can choose to invest in alternative Gold Coast funds when their investments are paid to them. The public should note that the practice of keeping short term money where customers come monthly and quarterly for funds and rely on the investments for emergencies is not a feasible way to fund a credible medium to long term investment program. THIS MISUNDERSTANDING OF INVESTMENTS IS WHAT IS CAUSING DISAFFECTION. If the company has contributed to this, we apologize for it. So we have come up with a program and schedule to return all such funds to the customers. Every affected customer will receive written communication on the change. Everyone will be assigned an Officer to talk to. NO ONE WILL LOSE A PESEWA OF THEIR FUNDS.
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