SEC’s Reasons For Revoking The License Of Black Shield Misleading-Nduom

SEC’s Reasons For Revoking The License Of Black Shield Misleading-Nduom

Chairman and CEO of Groupe Nduom, Dr. Papa Kwesi Nduom has described as misleading reasons assigned for the revocation of the license of Black shield Fund Management formerly Gold Coast Fund Management.

In a statement the CEO said the company feels disappointed that SEC would take this action without responding to the numerous requests to, a) assist Blackshield in retrieving funds owed by various Government of Ghana entities;

and b) review our plans to migrate customers into a private sector solution to Blackshield’s liquidity problem.

Below is a copy of the statement from Group Nduom reacting to the revocation of the license of Blackshield

This evening, the Securities and Exchange Commission (SEC) posted a Notice of revocation of the licenses of various Fund Management Companies, including Blackshield Capital Management (Formerly Gold Coast Fund Management).

Groupe Nduom Limited, the entity representing the interests of the majority shareholders and founders of Blackshield, would like to note the following:

1.1. We are disappointed that SEC would take this action without responding to the numerous requests to,

a) assist Blackshield in retrieving funds owed by various Government of Ghana entities;

and b) review our plans to migrate customers into a private-sector solution to Blackshield’s liquidity problem.

1.2. SEC’s Notice No. SEC/PN/012/11/2019 regrettably 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.

1.3. We will continue to pursue legal action to collect funds owed in settlement of Blackshield client liabilities.

1.4. In the meantime, we ask all stakeholders to remain calm as we all wait for more details from SEC on the way forward.

Sincerely yours,

Papa Kwesi Nduom
Chairman and CEO Groupe Nduom

Source: rainbowradioonline.com