Fund manager of Gold Coast Securities, is expected to pay over GHc370,000 allegedly owed the customer, one Dr. Archibald Frederick McKenzie Badoe, who claimed the company has refused to give him back his investment. The woes of Group Nduom, chaired by Dr. Papa Kwesi Nduom, are far from over as the angry customer of one of their subsidiaries, Gold Coast Securities, won a lawsuit against the fund managers.
The Economic and Organized Crimes Unit [EOCO], in December 2018 began investigations into the operations of fund managers, Gold Coast Securities. “No financial institution that invests funds on behalf of its customers in medium and long-term projects can survive if its customers showed up one day and demanded their funds be paid back all at the same time. An order for the payment of the sum of GHc50, 000.00 and accrued interest thereon invested by the plaintiff with the defendant on 24th August 2018 till date of final judgment.”
The group particularly demanded the immediate arrest of key persons in the company, including Dr. Papa Kwesi Nduom . A group calling itself Concerned Gold Coast Fund Management Customers petitioned the EOCO and the Securities and Exchange Commission to investigate the company.
After hearing arguments from lawyers of the defendant and plaintiff, the court presided over by Justice Dr. Richmond Osei-Hwere upheld the plaintiff’s arguments. He subsequently dragged the company before a Kumasi High Court demanding the full payment of his principal sum with interest at prevailing commercial bank lending rate as well as legal fees. But the company insisted that all was well and urged its clients to stop the panic withdrawals that were rampant at the time.