BlackShield Fund Management Replies SEC On Delay In Paying Funds To Its Affected Clients
Embattled Blackshield Fund Management Ltd., formerly called 'Gold Coast', has responded to claims by the Securities and Exchange Commission (SEC) that the delay in paying bailout funds to affected clients of the company is due to a legal action by the fund company.
Read statement below:
PRESS RELEASE
It has come to our attention that on 11 October 2023, the Securities & Exchange Commission (SEC) put out a public release, “Update on implementation of bailout program for affected clients of Blackshield Fund Management Ltd (formerly Gold Coast).
In the release, SEC wrote, “We wish to state that the delay in payment of bailout funds to affected customers is not due to the refusal of the Ministry of Finance to provide funds. 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 SEC will continue to support the Official Liquidator in pursuing the liquidation petition in court.”
Nothing could be further from the truth.
There are related matters in court. So, as law abiding organization, we choose not to wrestle with SEC where it has descended to. Our response will be brief, for now. SEC did not allow due process to play out per their own regulations before deciding to withdraw the BlackShield Capital Management Limited’s (BlackShield) license. SEC refused to assist BlackShield to collect what is now over GHS5 billion in principal and interest owed to the company and its related companies by government institutions, saying that “…it is not a debt collector”. SEC knows that Parliament did not impose any conditions for the payment of validated funds due to customers of fund management companies including BlackShield. We ask, why is SEC using “liquidation” as a condition for payment?
We will not go further than this. We will respect the judiciary processes still going on with the belief that our rights will eventually be restored.
We urge those responsible to pay what is due to BlackShield Capital Management Limited and related companies so that what is due to our customers per our records, can be paid to them.
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