Gold Coast Brokerage has announced the resignation of Dr Papa Kwesi Nduom and Patrick Kobina Anumel from the board of the company.

The company has also changed its name to Teak Tree Brokerage Limited.

In a circular to investors on Monday, the following individuals have also been appointed to the board of the company; Dr Olivia Anku-Tsede, Joseph Kusi-Tieku and Kwesi Abedu Wilson.

Sources in the company say the move might be due to ongoing restructuring of some of its subsidiaries and also to get Dr Nduom out of the front line business dealings of Groupe Nduom, and bring on board experienced persons to run the business. 

Change of name

Earlier this year, Groupe Nduom also announced the name change of its Gold Cost Fund management firm to Blackshield Capital Management. It also disclosed the creation of a special purpose entity - Cardinal Assets Management to handle all the structured finance products under the old Gold Coast Fund management. 

Dr Nduom recently disclosed that his firm has paid over GH¢200 million of investors’ funds.