Parliamentary Committee Probes SEC’s Failure to Disburse Approved Funds

At a recent sitting of the Special Committee convened to investigate the delayed payouts to customers of BlackShield Capital investment, formerly known as Gold Coast Fund Management, the Member of Parliament for Bawku Central, Mahama Ayariga, voiced concerns over the Securities and Exchange Commission’s (SEC) inaction despite Parliament’s approval of funds for the payments.

During the session, Mr Ayariga questioned the rationale behind SEC’s failure to fulfill payments to the affected customers.

The Special Committee, set up by Speaker Alban Bagbin following Mr Ayariga’s leadership in petitioning Parliament on behalf of the affected customers, seeks to uncover the reasons behind the government’s alleged failure in disbursing funds.

Mr Ayariga highlighted the dire situation faced by many association members who, having invested their retirement benefits with the defunct Gold Coast Fund Management, now find themselves destitute.

Moreover, some have passed on due to their inability to afford critical medical care.

The petition, submitted to Parliament on November 27th, 2023, represents the grievances of customers like Charles Frimpong, Nathaniel Mensah, David Opoku, and Rosemond Mensah from the defunct Gold Coast Fund Management.

The committee, chaired by Mr Joe Ghartey, includes members Nii Lantey Vanderpuye, Dr. Benjamin Yeboah Sekyere, Kwasi Ameyaw-Cheremeh, and Gizella Tetteh Agbotui.

Joe Ghartey assured of openness and transparency during the evidence-taking proceedings, which will generally be held in public.

Public institutions summoned to appear before the committee include the Securities and Exchange Commission (SEC), Ministry of Finance (MOF), Price Waterhouse Coopers (PWC), and the Registrar of Companies.

The Director General of SEC, Rev. Alfred Ogbarmey Tetteh, was the first before the committee today, 1st March, 2024.