Customer wins lawsuit against Gold Coast Securities over unpaid investment
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Customer wins lawsuit against Gold Coast Securities over unpaid investment

A customer of Gold Coast Securities, a subsidiary company of Groupe Nduom, has won a lawsuit against the fund managers.

Accra-based Citi FM reports that one Dr. Archibald Frederick McKenzie Badoe dragged the company to court claiming they have refused to give him back his investment.

In his writ, Dr. Badoe said he invested a total of GHc328, 127.43 with the finance house on August 24, 2018.

Customer wins lawsuit against Gold Coast Securities over unpaid investment

Gold Coast Securities. Source: Citinewsroom.com
Source: UGC

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To this end, he was supposed to receive an accrued interest of GHc50, 000 on September 6, 2018.

However, the complainant said all efforts to retrieve his cash failed, despite the money accruing to over GHc370,000.

When the case went before a Kumasi High Court, Mr. Badoe demanded the full payment of his principal sum with interest at prevailing commercial bank lending rate.

He also demanded that Gold Coast Securities pay all of his legal fees.

An order for the payment of the total sum of GHc325, 127.43 being the principal sum placed by the plaintiff with the defendant as a structured finance investment and which investment matured on 5th September 2018 and ought to have been paid to him at the said date of 6thSeptember 2018, but which sum the defendant has failed to pay despite repeated demand since 10th September 2018.”

“An order for the payment of all sums due the plaintiff from the defendant on the sum of GHc328, 127.43 stated I relief (a) supra since 6th September 2018. An order for the payment of the sum of GHc50, 000.00 and accrued interest thereon invested by the plaintiff with the defendant on 24th August 2018 till date of final judgment.

Delivering the verdict, the court, presided over by Justice Dr. Richmond Osei-Hwere, upheld the plaintiff’s arguments.

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The Judge ruled that Gold Coast Securities’ “legal objection has no merit.”

He added: “Consequently, the application succeeds. Final judgment is hereby entered in favour of the plaintiff/applicant in relation to reliefs (a) to (d) of the claim. Costs of GHc40,000.00 awarded against the defendant.”

It adds to the woes of Dr. Papa Kwesi Nduom after GN Bank, another subsidiary company of Groupe Nduom, was demoted to become a Savings and Loans Company.

The demotion was done after the bank failed to meet the Bank of Ghana’s new minimum capital requirement of 400 million cedis.

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Source: Yen News

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