Groupe Nduom Limited has expressed disappointment at the Securities and Exchange Commission (SEC) for the revocation of the licenses of Blackshield Capital Management, formerly Gold Coast Fund Management.
“We are disappointed that SEC would take this action without responding to the numerous requests to assist Blackshield in retrieving funds owed by various Government of Ghana entities and review our plans to migrate customers into a private sector solution to Blackshield’s liquidity problem,” Dr. Papa Kwesi Nduom, Chairman and CEO Groupe Nduom said in a press statement.
He said SEC’s notice of revocation of the licenses 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.
“We will continue to pursue legal action to collect funds owed in settlement of Blackshield client liabilities.
“In the meantime, we ask all stakeholders to remain calm as we all wait for more details from SEC on the way forward,” he said.