Gold Coast Fund Management, the embattled fund management company subsidiary of the Groupe Nduoum conglomeration, has undergone a name change – it is now called Black Shield Fund Management Company.
It is not clear when this name change happened, but along with that transformation, President and Chairman of Groupe Nduoum, Dr. Paa Kwesi Nduoum, is promising that customers of the company whose funds have been locked up will be paid.
“Everyone will be paid, not everyone at once, but no one will lose his investment,” Dr. Nduoum promised in a statement.
The statement came in response to demonstration that aggrieved customers had made against the Gold Coast Fund Management, now Black Shield Fund Management, yesterday.
The demonstrators had alleged that nothing was being done about their locked up funds, asking government, in a petition that was delivered to the Presidency yesterday, to pressure Dr. Paa Kwesi Nduoum to pay them.
However, reacting to the demonstration against him, Dr. Nduoum said he was shocked, explaining in a statement that the company is already paying back customers. It was through this same statement that Gold Coast Fund Management’s new name was introduced.
According to him, every customer will be paid but that some will receive their monies ahead of others.
Benjamin Afreh, Head of Customer Relations at the Black Shield confirms his boss’ claims saying Gold Coast/Black Shield Fund Management has paid out some ghs200million since last year September.
“We started last year and we are making good progress with payments. It is difficult but we are making good progress; since last year September we have paid 200million,” Mr. Afreh said.
Gold Coast Fund Management has a customer base of a little over 50,000. It owes these customers some ghs3billion. The company has claimed that its troubles is the making of government.
A financial sector clean up by the Akufo-Addo government Groupe Nduom badly, with its flagship company, GN bank, being forced to fold up.