SEC declined to help us retrieve Gold Coast money from gov’t – Nduom

Founder of collapsed fund management Blackshield Capital (formerly Gold Coast Fund Management) Dr Papa Kwesi Nduom says the Securities and Exchange Commission (SEC) refused a request by the company to help it retrieve its held up funds with government.

According to him, the decision to revoke the operating license of the firm despite their outstanding challenges with the government is disappointing.

It comes after SEC revoked the license of some 53 fund management firms including Gold Coast security.

“Groupe Nduom Limited, the entity representing the interests of the majority shareholders and founders of Blackshield, would like to note the following:

1.1. We are disappointed that SEC would take this action without responding to the numerous requests to,

a) assist Blackshield in retrieving funds owed by various Government of Ghana entities;

and b) review our plans to migrate customers into a private-sector solution to Blackshield’s liquidity problem,” the businessman wrote in a response to the shutdown.

Below is a copy of the statement from Group Nduom:

This evening, the Securities and Exchange Commission (SEC) posted a Notice of revocation of the licenses of various Fund Management Companies, including Blackshield Capital Management (Formerly Gold Coast Fund Management).

Groupe Nduom Limited, the entity representing the interests of the majority shareholders and founders of Blackshield, would like to note the following:

1.1. We are disappointed that SEC would take this action without responding to the numerous requests to,

a) assist Blackshield in retrieving funds owed by various Government of Ghana entities;

and b) review our plans to migrate customers into a private-sector solution to Blackshield’s liquidity problem.

1.2. SEC’s Notice No. SEC/PN/012/11/2019 regrettably includes a number of misleading and/or untrue statements, including the assertion that 99.41% of Blackshield’s funds were placed in one investment vehicle.

1.3. We will continue to pursue legal action to collect funds owed in settlement of Blackshield client liabilities.

1.4. In the meantime, we ask all stakeholders to remain calm as we all wait for more details from SEC on the way forward.

Sincerely yours,

Papa Kwesi Nduom

Chairman and CEO Groupe Nduom