The Securities and Exchange Commission (SEC) has directed Gold Coast Management Fund Limited to cease collection of new funds and investments in the face of “numerous” complaints from clients.
According to the Commission, it is aware of the plight of investors especially those who are unable to receive returns.
In a public notice issued on Monday, April 15, SEC says it is reviewing proposals presented by the fund management firm to meet obligations of clients and investors.
“In view of its significant size in the Asset Management Industry, the Commission remains in constant engagement with the company with the aim of securing a sustainable solution to its liquidity challenges and the numerous complaints lodged against it,” the notice said.
The Commission has directed the firm, however, to continue to honour its investment obligations to clients and investors and cease from dealing with new ones.
SEC further stressed that its previous notices on guaranteed returns remain operational.
It assured the public to remain calm.
Customers of Gold Coast Management Fund Limited have taken to the streets to protest their locked-up investments.