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General News of Saturday, 9 November 2019


Persons behind fall of Fund Management Companies to face 5-year ban – SEC

The Securities and Exchange Commission (SEC) has said that persons whose actions and inactions resulted in the collapse of Fund Management Companies in the country will be banned from operating in the Capital Market for five (5) years.

The Commission said the indicted persons could include past officers and shareholders of the affected companies.

Some 53 Fund Management Companies had their licenses revoked by the SEC on Friday as part of processes to sanitize the sector.

The action comes after several complaints about the failure of some fund managers to pay customers their monies.

SEC said persons who were found to have engaged in criminal behaviour, leading to the revocation of the licenses, will also be made to face the law.

“The SEC will ban past and present officers and shareholders whose actions and inactions led to the revocation, from operating in the Capital Market for 5 years. In cases of alleged criminal behaviour the SEC will forward evidence to the Attorney General for further investigation and prosecution,” SEC said on its website.

Meanwhile, SEC has said that its authorized agents will secure the premises of the affected companies for further investigations under section 26 of the Act.

Below is the list of companies whose licenses have been revoked

All-Time Capital Partners Limited

Alpha Cap Securities Limited

Axe Capital Advisors Limited

Apex Capital Partners Revoked

Beige Capital Limited Revoked

Brooks Asset Management Limited

Cambridge Capital Advisors Limited

Canal Capital Limited Revoked

Corporate Hills Investment Ltd.

Dowjays Investment Limited

EM Capital Limited Revoked

Energy Investments Limited

Fromfrom Capital Limited

Frontline Capital Advisors Limited

FirstBanc Financial Services Limited

Galaxy Capital Limited

Gold Coast Fund Management Limited

Gold Rock Capital Management Limited

Goldstreet Fund Management Limited

Global Investments Bankers Limited

Heritage Securities Limited

Ideal Capital Partners Limited

Integrity Fund Management Limited

Intermarket Asset Management Ltd

Kripa Capital Ltd.

Kron Capital Limited

Legacy Financial Services

Liberty Asset Management Limited

Kamag Kapital Limited

Mak Asset Management Limited

Man Capital Partners Limited

Mec-Ellis Investment(Ghana) Limited

McOttley Capital Limited

Monarch Capital Limited

Mutual Integrity Assets Management Limited

Nesst Capital Limited

Nickel Keynesbury Limited

Nordea Capital Limited

Omega Capital Limited

Procap Finance Company Limited

QFS Securities Limited

SGL Royal Kapita Limited

Sirius Capital Limited

Strategic Hedge Capital Limited

Standard Securities Limited

Supreme Trust Capital Limited

Tikowrie Capital Ltd.

Unisecurities Limited

Universal Capital Management

Ultimate Trust Fund Management Ltd.

Utrak Capital Management Limited

Wealth Vision Financial Services Limited

Weston Capital Limited