The Ghana Growth Fund, a subsidiary of Groupe Ndoum, has sued the Finance Minister over debts that have left it unable to pay investors’ funds.
Included in the suit is the Attorney-General, Minister for Roads and Highways and Agyakot Company Limited.
Lawyers for Ghana Growth Fund Limited, which invests the money on behalf of Gold Coast Fund Management, are demanding the recovery of ¢4,416,719.37 being the total face value of the accrued but unpaid interim payment certificates due the fourth defendant, Agyakot Company.
This will enable Agyakot Company to pay the Fund debts owed it.
The suit represents the first set of separate suits that the Company will be embarking on, to ensure debts owed it by government are paid.
Counsel for the Fund, Justice Srem-Sai, told Joy Business their clients have been stretched thin.
“We have exhausted all other avenues. It was never our first choice to go to court but unfortunately, if all other approaches don’t work, we are entitled to go to court. At this point, we are very confident that this is the only option that will get the government and the contractors to honour their obligation to us.
“Because of this default from government and the contractors our client is also finding it a bit difficult to honour its obligations towards its depositors,” the lawyer said.
Gold Coast Fund Management has been in the news for its inability to pay clients’ invested capital and the interest accruing on same.
Source: Joy Business
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@ Kwesi, Tema. I agree with you perfectly. Redemption of my investment from Gold Coast should not be conditioned on gov't honoring its debts. They have been lying to me since June 2018. They want to see RED b4 they wise up
The condition given by GN to pay depositors' investments is very poor. Did GN, at the time of collecting depositors investments, ever tell the Depositors he WILL only pay their investments when Gov't pays him its debts? GN should reason up, as depositors are seriously reading into every happening. Time is running out for GN to pay the depositors' investments!
Let the governments fails to pay Ndoum and in turn fail to pay numerous depositors and that will reflect in the way those affected will decide in next year elections.