General News of Friday, 8 November 2019
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.
Universal Capital Management
Ultimate Trust Fund Management Ltd.
Utrak Capital Management Limited
Wealth Vision Financial Services Limited
Weston Capital Limited
HFC Capital Partners Limited
Attai Capital Limited
Serengeti Capital Limited
Indigo Investment Management Limited
Verit Investment Advisory Limited