Groupe Chairman and Chief Executive Officer (CEO), Dr. Papa Kwesi Nduom has said more than 9,000 customers of the God Coast Fund Management (GCFM) have been paid their investment.
A post on the 2016 Presidential Candidate of the Progressive People’s Party (PPP) said a total of 225 million Ghana cedis have been paid to some 9,060 customers of the GCFM
The post read, “FACTS UPDATED
- 9,060 Customers Have Received Investment Money.
- 225 MILLION GHANA CEDIS PAID
More transactions will happen.”
Dr. Nduom, whose moustache was used to insult him recently by angry customers assured the public that more transactions would be effected in the coming days.
Monday afternoon’s post by Dr. Papa Kwesi Nduom follows a recent one posted on October 20, 2019, in which he announced that a total of 8,912 people amounting to 206,623,811.51 Ghana cedis have been paid.
Angry customers of the Gold Coast Fund Management hit the streets Accra recently to demand the government’s intervention in their locked up funds with the company.
Some of the demonstrators were seen carrying castigating placards with some threatening to scrape off the moustache of the 2016 Presidential Candidate of the Progressive People’s Party (PPP).
According to them, they have had enough of the excuses from the Chairman of Groupe Nduom and his staff who are unable to pay back their locked-up investments and therefore insist they will do the unthinkable if it persists.
These insults appear to have gotten to the better part of the politician cum businessman who has since responded urging the aggrieved customers to treat him separately from the institution.
He said, “There was a “demonstration” not against the company people invested their monies with but against me, Papa Kwesi Nduom. And it is unfortunate. GCFM now BlackShield accepted monies for investment as it had done successfully for 25 years. No one has lost their investment all these years. So where from this “demonstration” and the attacks on me personally? To want to destroy the very businesses customers expect their monies to come from?”, he quizzed.
Meanwhile, Blackshield Management Fund released a statement late Tuesday after the demonstration assuring customers processes put in place by managers to commence payment of customers soon.
Find below Dr. Papa Kwesi Nduom’s reaction to Tuesday, October 15 demonstration by the aggrieved customers of the Gold Coast Fund Management.
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Demonstration against Payment of Investment?
This morning, there was a “demonstration” not against the company people invested their monies with but against me, Papa Kwesi Nduom. And it is unfortunate. GCFM now BlackShield accepted monies for investment as it had done successfully for 25 years. No one has lost their investment all these years.
The company has invested funds with good results and the customers have enjoyed good returns.
Unfortunately, one of the investments made has had challenges – the prefinancing of government infrastructure projects. Something that had been done successfully for 15 years and over that period about 14 billion Ghana cedis has been invested in schools, roads, bridges, sea defense, and other important projects.
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This is the area the company has faced challenges because the government agencies have not paid the contractors who now owe about 2.4 billion Ghana cedis.
We have even gone to court to redeem some of these investments.
While we wait for the big monies to come in, we have been making payments to customers – direct cash and asset swaps now to the tune of over 200 million Ghana cedis.
Every day our central office calls people and they are paid through the banks or MOMO. I agree the pace is not fast as we all wish to cover everyone. But the company is making payments, UNLIKE several investment and finance houses who are not able to do as we are doing.
So where from this “demonstration” and the attacks on me personally? To want to destroy the very businesses customers expect their monies to come from?
We will continue to make planned payments until everyone is satisfied.
Yes, some are just doing politics with this no doubt. But we are serious about our business.
Everyone will be paid. Not everyone at once. But no one will lose their investment. As for the insults, too bad. But after all, this is the Ghana we are in.
Find below the post by Dr. Papa Kwesi Nduom below:
