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General News of Friday, 8 November 2019

Source: Citinewsroom.com

SEC revokes licenses of Unisecurities, 52 other Fund Management companies

The Securities and Exchange Commission (SEC) has revoked the licenses of 53 Fund Management Companies.

SEC, in a statement explained that the revocation follows the companies’ failure to “return client funds which remain locked up and in a number of cases, have even folded up their operations.”

“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches. The SEC has concluded after extensive engagement with these institutions that their continuous existence in the light of their conduct poses severe risks to the stability of the capital market and to the interests of investors,” the statement further explained.

The action was taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2019 (Act 929) which authorizes SEC to revoke the license of a market operator under some circumstances.

SEC also explained that the revocation is “in accordance with its mandate of protecting investors and the integrity of the capital market.”

SEC and its authorized agents will secure the premises of the affected companies for further investigations under section 26 of the Act.

In addition, the SEC has notified the Registrar of Companies of the revocation of these licenses and has requested that the Registrar petitions the High Court to commence winding-up proceedings against these companies under the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180),” the statement added.

Below is the list of the affected companies

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

Voluntary Cessation

HFC Capital Partners Limited

Attai Capital Limited

Serengeti Capital Limited

Indigo Investment Management Limited

Verit Investment Advisory Limited