Customers of defunct gold coast Fund Management Company Limited have lambasted the Securities and Exchange Commission (SEC), for making a U-turn on an earlier payment plan by seeking a liquidation order before plans are put in place to disburse locked-up funds.

The aggrieved customers on Thursday, May 4, returned to the premises of SEC to picket again in a bid to demand payment of their locked-up funds.

The leaders of the aggrieved customers presented a petition to SEC to consider releasing their funds to them.

The collapsed financial institution under the name BlackShield Capital Limited had about 55,000 customers whose funds were locked up shortly before the regulator revoked its license.

The Convener of aggrieved customers of the defunct fund management company, Charles Nyame, speaking on the Eyewitness News on Citi FM, said it’s pointless for SEC to acquire a liquidation order before releasing their cash.

“After an amount of GH¢5.5 billion was approved in the 2021 budget statement for payments, then SEC made a U-turn by bringing in conditions that unless they get a liquidation order before they can disburse a bailout package that has been approved by Parliament. This doesn’t make sense at all. This is the reason why we…