Accra, June 29, 2023 – The Economic and Organized Crime Office (EOCO) is facing intense scrutiny from customers of Gold Coast Fund Management who are seeking explanations regarding the disappearance of a crucial server.

The server, which holds backup data of the company's investors, was confiscated by EOCO after Gold Coast Fund Management had its operational license revoked in November 2019.

During a recent court session on June 21, 2023, in the Liquidation Case involving the Registrar of Companies and Blackshield Capital Fund Management Limited, it was revealed that the server, now in EOCO's custody, has gone missing.

The aggrieved customers fear that the absence of the server could hinder their efforts to recover their investments. In a statement released by the customers, Charles Nyame, the convener, emphasized the importance of finding the missing server and urged EOCO to provide a detailed explanation for its disappearance, while also taking necessary steps to recover it.

Consequently, the group has called for an investigation into EOCO's handling of the server, expressing concerns about the agency's role in its disappearance.

The missing server, reportedly worth over 3.5 billion Ghana Cedis, was highlighted during the aforementioned court session, presided over by Commercial Court Six (6) of the Accra High Court Division. The case involves Blackshield Capital Fund Management Limited, formerly known as Gold Coast Fund Management, which is owned by Dr. Papa Kwesi Nduom.

The server, belonging to Gold Coast Fund Management Company, was confiscated by EOCO under the directives of the Securities and Exchange Commission after the company's operational license was revoked on November 8, 2019, as part of the government's Financial Sector Clean-up Exercise.

The court was informed about the missing server by Ms. Iris, the legal representative of the Registrar of Companies. She revealed that EOCO was unable to locate the server when approached for access, as per the court order, which required the agency to grant Gold Coast Fund Management access to copy specific data crucial for the Liquidation Case.

The aggrieved customers perceive the missing server as a deliberate tactic employed by the government to further delay the liquidation case, which has been ongoing since 2020.

Ironically, while impeding progress in court, the government has tied the payment of Gold Coast Fund Management's affected customers to the successful acquisition of a liquidation order. This condition has drawn criticism, as it prolongs the suffering of customers who have already endured the consequences of the Financial Sector Clean-up Exercise for five years.

The customers have made several appeals, including urging President Nana Akufo-Addo's government to reconsider the condition for payment and authorize the disbursement of funds from the parliamentary-approved bailout package or the 15 billion Ghana Cedis Stability Fund, administered by the Finance Ministry, to GBC Capital. This would enable the timely payment of customers while the liquidation case continues.

In addition, the customers demand a thorough investigation into the operations of EOCO, with a focus on locating the missing server promptly. They also call upon President Nana Akufo-Addo to direct EOCO to submit the missing server to the court before or on July 3, 2023, the adjourned date for the liquidation case, to ensure a smooth legal process.

Meanwhile, the media and civil society organizations have been urged to advocate for the immediate payment of the affected Gold Coast customers, highlighting the plight of over 800 pensioners who have tragically passed away due to their inability to afford necessary medical treatment.