The Securities and Exchange Commission (SEC) has asked the management of Gold Coast Fund Management Ltd to stop collecting deposits or receipts of new funds from the general public.
A statement issued by SEC today, April 15th 2019 said, “The Commission has directed Gold Coast Fund Management Ltd to cease collection or receipts of new funds or investments from the investing public until all clients and investors with outstanding matured investments have been paid or mutually agreed settlement terms reached.”
The Commission said it has received proposals from Gold Coast Fund Management Ltd with the aim of resolving its obligations to its clients and investors.
Gold Coast Fund Management Limited has had numerous complaints lodged against it and the Commission is currently hearing these complaints in accordance with the provisions of the Securities Industry Act, 2016 (Act 929).
In view of its significant size in the Asset Management Industry, “the Commission remains in constant engagement with the company with the aim of securing a sustainable solution to its liquidity challenges and the numerous complaints lodged against it,” the statement added.
It further added, “The Commission shall continue to apprise the general and investing public on any further developments.
The general public is also advised to contact the Commission on its Toll free number: 0800-100-065 or main line: 0302768970-2 for any further clarification. This Notice is issued pursuant to Sections 3(b) (e) (m), and 208 (c) of the Securities Industry Act, 2016 (Act 929).”
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