The Securities and Exchange Commission (SEC) has directed Gold Coast Fund Management Ltd to cease collection or receipts of new funds from the public.
In a statement, SEC 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.”
According to the statement, SEC “is fully aware of the plight of investors who have placed funds with the company and are unable to redeem same on maturity.”
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.