Aggrieved customers of defunct Gold Coast Fund threaten to sue government

Some aggrieved customers of defunct Gold Coast Fund Management have threatened to sue government over their locked-up funds.

“This discriminatory act on the part of the government is in contravention of the 1992 Constitution that requires the government to treat all its nationals equally without discrimination.”

The group argued that the decision by government to take over the debt and validating customers claims with an initial payment of ¢50,000 per each investment makes the government liable to the customers on the grounds of absorption of responsibility.

They pointed out that affected depositors would have taken action to retrieve their deposit since 2018 but for the government taking over the responsibility to pay us.

“It is, however, unfortunate that we the ordinary citizens are now made to bear the brunt of a government decision for the past four years in such a dastardly manner

They stated that pensioners among them who have their investment locked up till date, form more than 70% of their membership and it is incomprehensible that government is shielding its responsibility with a condition of securing an order from the court before it pays these dying pensioners.

They stated that the initial forensic audit conducted by the government on the Financial Sector before the introduction of the Financial Clean-up Exercise policy puts the debt in the Financial Sector to ¢ 9,000,000,000.00