Aggrieved customers of collapsed Gold Coast Fund Management Company passed the night at the Ministry of Finance yesterday, October 10, 2023.
The group is protesting the non-payment of their funds which were locked up when the Fund Management Company was collapsed.
The Gold Coast Fund Management Company in November, 2019 had its license revoked by the Securities and Exchange Commission (SEC).
The company was among 53 others who had their licenses revoked for various infractions, including their inability to pay clients their investments.
The revocation, was however followed with a promise by the Director-General of SEC, Rev. Ogbarmey Tetteh, to start payment of monies to customers when it completes the necessary validation processes.
An amount of 8.6 billion cedis was approved by Parliament as a bailout package for the aggrieved customers.
In November 2020, a partial amount of 3.1 billion cedis was disbursed, with each customer receiving 50,000 cedis each. But four years down the line, members are still battling with government to receive their remaining monies which amounts to 5.5 billion cedis.
They insist they will not return to their homes until their locked-up funds are released to them.