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It rather said in a statement that “The delay is principally due to the legal action by Blackshield/Gold Coast contesting the liquidation petition brought by the Official Liquidator (Office of the Registrar of Companies) at the request of SEC following the revocation of licences. The SEC will continue to support the Official Liquidator in pursuing the liquidation petition in court.”

The Securities and Exchange Commission (SEC) has refuted allegations made by customers of defunct Blackshield/Gold Coast Fund Management Company that the regulator is refusing to release their locked up funds even though the money has been approved by parliament