EOCO must be investigated over 'missing' server – Gold Coast Fund customers

Customers of Gold Coast Fund Management have asked the Economic and Organised Crime Office (EOCO) to explain why it was unable to produce a server required for an ongoing court case.

The aggrieved customers stated in a statement that the server, which belongs to the Gold Coast Fund Management Company, contains backup data of its investors and was confiscated by EOCO after the company’s operational licence was revoked in November 2019.

Issued by convener Charles Nyame the statement said ”News on the missing SERVER was informed to the court by the legal representation of the Registrar of Companies led by Ms. Iris.

"The Lawyer told the court that, in her effort to reach out to EOCO due to the Court Order which sought to direct the EOCO to grant Gold Coast Fund Management access to the SERVER to copy specific data required by the Court to facilitate the determination of the Liquidation case, to her utter dismay, the authorities at the EOCO told her the said SERVER cannot be located.

"The Aggrieved Customers of Gold Coast Fund Management consider the news of the missing SERVER a deliberate approach adopted by the government to deepen its delay tactics showcased on the Liquidation case since the year 2020.

"Meanwhile, the same Government impeding the Liquidation process in court has insensitively conditioned the payment of the dying customers of Gold Coast Fund Management to the successful securing of Liquidation Order from Court.”

Read the full statement below

HEADS MUST ROLL AT EOCO FOR A MISSING SERVER WORTH OVER 3.5 BILLION GHANA CEDIS

A SERVER which content valued over 3.5 billion Ghana Cedis is reported to have missing under the custody of EOCO. This revelation was brought to bear during a court section held on Wednesday, June 21st, 2023 when the Commercial Court Six (6) of the Accra High Court Division Sat on the Liquidation Case between the Registrar of Companies and Blackshield Capital Fund Management Limited, hitherto called; Gold Coast Fund Management, owned by Dr. Papa Kwesi Nduom.

The SERVER which belongs to the Gold Coast Fund Management Company and contains a backup data of its investors was confiscated by the EOCO through the directives of the Securities and Exchange Commission (the official regulator of Gold Coast Fund Management) after it has successfully revoked the company’s Operational Licence in November 8th, 2019 under the Financial Sector Clean-up Exercise policy initiated in the year 2018 by the government of Ghana under the NPP Akufo-Addo – Bawumia administration.

News on the missing SERVER was informed to the court by the legal representation of the Registrar of Companies led by Ms. Iris. The Lawyer told the court that, in her effort to reach out to EOCO due to the Court Order which sought to direct the EOCO to grant Gold Coast Fund Management access to the SERVER to copy specific data require by the Court to facilitate the determination of the Liquidation case, to her utterly dismay, the authorities at the EOCO told her the said SERVER cannot be located.

The Aggrieved Customers of Gold Coast Fund Management consider the news of the missing SERVER a deliberate approach adopted by the government to deepen its delay tactics showcased on the Liquidation case since the year 2020.

Meanwhile, the same Government impeding the Liquidation process in court has insensitively conditioned the payment of the dying customers of Gold Coast Fund Management to the successful securing of Liquidation Order from Court.

The question we are asking is, for how long must the dying customers continue to bear the brunt of a government policy (Financial Sector Clean-up Exercise) for the past five (5) years?

We therefore make a passionate appeal as follows.

The Government of His Excellency President Nana Akufo-Addo should with a sense of humanity, rescind on the condition of securing Liquidation Order before it pays Customers of Gold Coast Fund Management and direct the Finance Ministry to advance money from either the Parliamentary approved Bailout package or from the 15 billion Ghana Cedis Stability Fund to the GBC Capital to pay off the Customers, whiles, the Liquidation case continue in court.

The whole structure of EOCO should be brought under investigation to produce the missing SERVER with immediate effect.

His Excellency President Nana Akufo-Addo should give an order to EOCO to submit the missing SERVER to the court before/on July 3rd, 2023 thus the adjourned date for the Liquidation date for the smooth process of the case.

The Media and the Civil Society Organisations should on humanitarian grounds push for immediate payment of the dying Gold Coast Customers since over 800 pensioners among Gold Coast Customers have died due to various health conditions they couldn’t raise money to fund medical treatment.