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Akufo-Addo’s appointees economical with truth -Blackshield Mgt

Management of Blackshield  Fund Management  Company  (formerly Gold Coast Fund Management) is convinced that  some appointees of  President Nana Addo Dankwa Akufo-Addo have been economical with the truth hence the mess with fund management customers.

According to Blackshield, government appointees in their rush to denigrate  owners of the defunct  fund management companies  made decisions without weighing the consequences, and “without thinking through the damage they are causing to people’s lives  and assets”.

Speaking on a political talk show  ‘Kanawu’ on Amansan Television (ATV) over  the weekend, officials connected to Blackshield assured  the more than 80, 000 customers of the company that it had not and would not  place any obstacles in the way that would prevent them from benefiting from Government of Ghana sponsored payments to customers of fund management companies which were collapsed by the Securities and Exchange Commission (SEC) in 2019.

Spokesperson for Blackshield, Mr Ben Afreh explained  to  customers and the general public   how the revocation of  the Blackshield licence came about, and matters that  had risen afterwards.

According to him, the situation had led to a “looming court battle between his  outfit  and SEC”.

He told the host, Atta Kwaku Boadi ,that Blackshield wanted its customers to be paid in full. Mr Afreh confirmed that, Pricewaterhouse Coopers  (PwC)  had been appointed  as the agent  of SEC .

He further confirmed the PwC  had obtained loads of information from Blackshied  months ago  to perform a forensic study but “ the results have not been shared with the company,  its  response or validation”

He noted that,  despite the failure of PwC  to share the information with his company, SEC  relied  on the study to revoke the licence of Blackshield.

According to the Spokesperson of Blackshield, it was only two weeks ago that PwC  sent a letter requesting  for  information which he said, had been sent to them.

Mr Afreh  disclosed that, Blackshield had repeatedly asked PwC to sit together with the company   so that officially  they  can validate what is due to customers  since  all has to do with investment  and not commercial banking  with guaranteed returns.

He further disclosed that some customers of Blackshield  had received their locked-up funds   since the crisis started in 2018.

To this end,  he called on the government  to ensure  that  this collaboration happens to fastback the validation of customer accounts.

On his part,  the spokesperson for Groupe Nduom,  Mr Kofi Asamoah-Siaw said,  a significant amount of the customers’ funds were with government agencies.

These agencies, he mentioned included Road Fund, COCOBOD , GETFund  and the Ministry of Roads and Highways.

“So  if the government for any reason does not want to pay the  contractors so they can also pay  Blackshield for the company to pay its customers, then,  it should pay the customers directly and do reconciliation later”,  he said.

Mr Asamoah-Siaw was of the opinion that, some appointees of President Akufo-Addo at SEC, Ministry of Finance  and some state agencies were causing him (President Akufo-Addo)  more harm than good.

He believed that,  they were not telling  the truth  which had caused needless  noise in public with customer demonstrations  and public officials hopping to media  outlets to explain themselves.

He urged the President to call for  the facts,  which he believed would lead  to an early resolution of the matter.

Blackshield,  he said, “ is important because according to SEC, its customers make up over 80%of the people including pensioners, teachers, soldiers, judges and even SEC officers”.

According to Mr Asamoah-Siaw, Blackshied  was  disappointed that SEC  through  the Registrar- General  petitioned  the courts to liquidate   the company  especially when the date on the petition  was 27th  November, 2019.

“This is when Blackshield  was going through its own petition to ask SEC to reconsider the decision to revoke its licence”, he said.

He pointed out that,from the word go, SEC just wanted to collapse Blackshield and distribute its assets to others.

He claimed that, the solution presented by GCB Capital  to manage a fund for Blackshield’s  customers looks exactly the same as the Cardinal  Fund proposed by Blackshield but was  rejected by SEC some  months ago.

Copied from: Daily mailgh news

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