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Over ¢400 million of investors’ funds locked up at NTHC

September 22nd 2022, 10:43:46 am

The National Trust Holding Company (NTHC) is in distress, unable to pay back the investments of investors.

GOIL workers threaten legal action against NTHC over locked up investment

According to a Myjoyonline.com report, over ¢400 million of investors’ funds are locked up at the NTHC but customers are unable to access their monies.

This has led many customers distressed and unsure when they will get their investments back.

Some workers of state-owned Ghana Oil (GOIL) are among customers of the National Trust Holding Company whose monies are locked up.

The GOIL workers have about ¢30 million locked up at NTHC and are piling up pressure to retrieve their investments.

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The GOIL workers have threatened legal action against NTHC if they fail to pay them their monies within an agreed stipulated time.

The Joy News report stated that the GOIL workers, who number about 120, said since 2020, NTHC had unilaterally discontinued the investment of the funds in various instruments and had, therefore, stopped the payment of interest to depositors.

A letter signed by the lawyer for the aggrieved GOIL workers noted that the decision taken by the investment firm (NTHC) to stop payment was a breach of contract.

All attempts by the affected investors to retrieve their money have not been successful. For the past two years or so, all that the management of NTHC has done is to give unfulfilled promises of paying the investors their money.”

“I, therefore, have my client’s instructions to demand payment of their money within fourteen (14) days from the date of this letter failing, which they deserve the right to take all legal steps to have their money paid to them,” the letter noted.

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On their part, the management of NTHC has confirmed the company’s indebtedness to the staff of GOIL and other clients but said the investment firm was engaging government for some support.

Managing Director of NTHC, Isaac Charles Acquah, said management was aware of the situation and working towards resolving it.

With respect to GOIL, because of the quantum involved, management held a meeting with the staff of GOIL to discuss the effort being made to get their money paid to them.

“We are not happy about it and we recognise the pain we are putting them through, we are not ignoring them because I led my management team to meet them,” Mr Acquah said told Joy News.

National Trust Holding Company (NTHC) Limited is the pioneer of investment banking firms in Ghana. It has accumulated decades of experience and expertise since its establishment in 1976 under the auspices of the National Investment Bank to serve as a catalyst for the creation of a stock exchange in Ghana.

Evans Effah
Evans Effah is Editor at Pulse.com.gh. He is a digital journalist, with interest in politics, business and sports. He has over 6 years experience in journalism.

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