Dr Nduom resigns as director of Gold Coast Brokerage

Gold Coast Brokerage has announced the resignation of Dr Papa Kwesi Nduom and Patrick Kobina Anumel from the board of the company.

The company has also changed its name to Teak Tree Brokerage Limited.

In a circular to investors on Monday, the following individuals have also been appointed to the board of the company; Dr. Olivia Anku-Tsede, Joseph Kusi-Tieku, and Kwesi Abedu Wilson.

According to reports, the move might be due to ongoing restructuring of some of its subsidiaries and also to get Dr Nduom out of the front line business dealings of Groupe Nduom, and bring on board experienced persons to run the business.

READ ALSO: Gold Coast Fund Management engages SEC over liquidity issues

Change of name

Earlier this year, Groupe Nduom also announced the name change of its Gold Cost Fund management firm to Blackshield Capital Management. It also disclosed the creation of a special purpose entity - Cardinal Assets Management to handle all the structured finance products under the old Gold Coast Fund management.

Dr. Nduom recently disclosed that his firm has paid over GH¢200 million of investors’ funds.

Gold Coast Fund Management begins payment of customers' investments

An investment firm, Gold Coast Fund Management has said it has started paying customers of the company who want to redeem their investments.

According to Gold Coast Fund Management, payment of customers' investments started last week Thursday.

The firm had in the past struggled to pay clients due to what they said was the government's inability to pay debts owed contractors for work executed.

READ ALSO: Angry customers of Gold Coast Fund Management petition presidency

General Manager in charge of Investor relations Benjamin Kofi Afreh in an interview with Joy FM said, "In every sphere of life there are people who are considered vulnerable so what we are doing is to make a very conscious effort to raise money to pay at least those with some smaller amounts, someone may have like 1,000 you may not recognise it but it is their life there are different categories but for the start we want to make sure that those smaller amounts are taken care of."