We’re disappointed in SEC – Nduom fights back

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Dr Papa Kwesi Nduom

President of Groupe Nduom, Dr. Papa Kwesi Nduom, has expressed disappointment in the Securities and Exchange Commission (SEC) over the revocation of the license of 53 fund management companies, including his Blackshield Capital Management.

On Friday, November 8, 2019 the regulator withdrew the licenses of the companies for various breaches.

“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches,” a statement issued by SEC said on Friday.

However, in responding to the news, Dr. Nduom said: “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.”

Below is his full statement

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

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