Delay in release of bailout funds not due to MoF refusal - SEC to Blackshield customers

The Securities and Exchange Commission (SEC) has said that the delay in payment of bailout funds to affected customers of Blackshield Fund Management Company Limited (formerly Gold Coast Fund Management Limited) is not due to refusal from the Ministry of Finance (MoF) to release the funds.

In a statement issued by the Commission on October 10, it explained that the “delay is principally due to the legal action by Blackshield/Gold Coast contesting the liquidation petition brought by the Official Liquidator (Office of the Registrar of Companies) at the request of SEC following the revocation of licences."

The Commission however said it will continue to support the Official Liquidator in pursuing the liquidation petition in court.

Meanwhile, customers of defunct Blackshield Fund Management Company spent the night of October 10, 2023 at the entrance of the finance ministry as they demand the release of their locked-up funds.

They have been seeking the disbursement of GH¢8.6 billion, a sum approved by Parliament for the settlement of their claims. Frustrated by the delay in receiving their funds, they staged a protest at the ministry on Tuesday, October 9, 2023.

The customers from various parts of the country came together with a determination to picket at the ministry for a continuous 48-hour protest to emphasize their demands. However, their efforts did not attract the necessary attention from the ministry.

Charles Nyame, the group's convener, explained that the decision to spend the night at the ministry was a deliberate move aimed at sending a strong signal to the government, urging them to fulfill their financial obligations.



MA/NOQ

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