Three protesters arrested at Finance Ministry demonstration

A demonstration by the Coalition of Aggrieved Customers of the collapsed 53 Fund Management Companies organised at the Finance Ministry ended with three persons being arrested.

The three were part of a group who marched to the premises of the ministry on Tuesday, September 1, 2020, to demand inclusion of a government bailout.

Scores of the customers marched to the ministry and blocked the entrance preventing access to the premises of the building.

Public Relations Officer (PRO) for the Accra Regional Police Command, DSP Efia Tenge, confirmed the arrests of the leaders for unlawful protest as the group embarked on the action without police notice.

They had earlier announced the previous day that they would stage the demonstrations as the Securities and Exchange Commission (SEC) excluded Blackshield Capital Limited (formerly Gold Coast) and other investment firms on the basis of an ongoing court action.

The group mostly comprising customers of Black Shield Capital Limited are also fighting also suggestions by SEC of inaccessibility to their documents.

A statement issued by SEC said 22 of the firms who had their licences revoked would have payments for its customers whose claims have been validated.

The regulator explained that the Official Liquidator, the Registrar General, will communicate details of the payment process to affected clients starting in September.

However, SEC said no action could be taken for clients of Blackshield Capital Management Limited, Firstbanc Financial Services Limited, Apex Capital Partners and Ideal Capital Partners.

BlackShield Capital Management Limited has also contested the claims of SEC insisting that their customers must be included in any package planned by the government.

“The SEC and its agents in its dealings with BlackShield have not been fair and candid with the customers of BlackShield who have had to bear the brunt of these actions,” the release explained.

“This allegation against Blackshield is yet another attempt to mislead the public into blaming BlackShield for its failures. It is noteworthy, that the SEC, refused BlackShield’s application to cease executing the order of revocation pending the hearing of its complaint.

“SEC has had full access to the client’s information at least on three different occasions between 2019 till date,” the defunct firm said in a statement copied to theghanareport.com.