Customers of Gold Coast Fund Management Company Limited, now Blackshield Capital Management Limited have warned of embarking on an industrial action if the Registrar General fails to release a payment plan for its members as it prepares to begin payment for some customers of other companies whose funds were locked in some of the defunct institutions.
According to them, they are unhappy that their members will not benefit from the government’s bailout package to be disbursed to customers of 20 of the defunct Fund Management Companies (FMCs) under official liquidation.
The Securities and Exchange Commission (SEC) earlier this month said government was set to announce a bailout package for clients of the 50 defunct FMCs.
According to SEC, the package will be given in phases with the first phase covering clients of the 20 companies currently under official liquidation.
It, however, noted that no action could be taken for clients of Blackshield Capital Management Limited, Firstbanc Financial Services Limited, Apex Capital Partners and Ideal Capital Partners Limited since they have filed applications in court to challenge the revocation of their licences by the Commission.
Already, the government is set to begin payment in the form of a social intervention for customers whose funds were locked up in collapsed fund management firms.
But speaking at a press conference in Accra on Tuesday, September 22, the Spokesperson of the Coalition of Aggrieved Fund Management Companies, Charles Nyame, cited some examples of the hardships the customers of Blackshield are going through due to the inability to access their funds.
“One of our customers sent me a picture last night. She has breast cancer and needs her money to undergo treatment. She invested her money so that in these bad times, she can get help. Now the bad times are here, and she can’t have her money. Mama Rebecca [Akufo-Addo], look at your fellow woman. Please help us talk to the President.”
“Mr. President, we can no longer contend with you. Pay us back to save lives/”
Some other customers also shared their plights with Citi Business News.
“Nana Akufo-Addo, please intervene, so we will be at peace. Intervene so we would stop crying because we are dying. We didn’t commit any crime by investing our money in a bank because we can’t keep our money in our rooms. We are dying. Please say something because if you don’t, we would be dead by the time the court case ends,” Abena Animwaa cried.
A pastor, Emmanuel Safo Kantanka, who said the church’s money was deposited in Blackshield also pleaded with the President to pay back the money for the sake of his church.