{"id":741610,"date":"2019-11-10T10:38:31","date_gmt":"2019-11-10T10:38:31","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/10\/revocation-of-gold-coast-securities-others-licenses-sec-starts-process-to-pay-customers\/"},"modified":"2019-11-10T10:38:31","modified_gmt":"2019-11-10T10:38:31","slug":"revocation-of-gold-coast-securities-others-licenses-sec-starts-process-to-pay-customers","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/10\/revocation-of-gold-coast-securities-others-licenses-sec-starts-process-to-pay-customers\/","title":{"rendered":"Revocation of Gold Coast Securities, others&#8217; licenses: SEC starts process to pay customers"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/11\/maxresdefault-15-1024x576.jpg\" \/><\/p>\n<div data-io-article-url=\"https:\/\/www.adomonline.com\/revocation-of-gold-coast-securities-others-licenses-sec-starts-process-to-pay-customers\/\">\n<p>&#13;<br \/>\n                    <iframe loading=\"lazy\" id=\"td_youtube_player\" width=\"600\" height=\"560\" src=\"https:\/\/www.youtube.com\/embed\/huPCDhppR9w?enablejsapi=1&amp;feature=oembed&amp;wmode=opaque&amp;vq=hd720\" frameborder=\"0\" allowfullscreen=\"\"><\/iframe>&#13;<br \/>\n                    &#13;<br \/>\n&#13;\n                <\/p>\n<p>Following the revocation of the licenses of Gold Coast Securities and other securities institutions\u2019 licenses, the Securities and Exchange Commission (SEC) says will begin a claims-validation process for investors of fund managers.<\/p>\n<p>Deputy General-Secretary of the SEC, Paul Ababio, told Joy Business that in the coming weeks, a series of announcements will also be made in a bid to ensure that no investor loses their investments.<\/p>\n<p><strong>RELATED ARTICLES<\/strong><\/p>\n<p>\u201cFrom next week, we will begin a validation process and we will allow investors [to show proof of investments]\u2026we will make announcements and allow people timelines and when they can file their claims.<\/p>\n<p>\u201cWe encourage the public to remain calm. We are putting arrangements in place and ensuring that things happen in an orderly and there will be appropriate notifications when we progress,\u201d he said.<\/p>\n<p>The SEC on Friday revoked the operating licences of<strong> 53 investment companies.<\/strong><\/p>\n<p>The revocation of the licences, according to the regulator, is to protect the integrity of the securities market and investors.<\/p>\n<p>At a stakeholder meeting before releasing a list of the affected companies, the Director-General of the SEC, Rev. Daniel Ogbarmey Tetteh,  said troubled securities firms that have still not been able to address concerns raised about their operations over the years are among those affected by the action.<\/p>\n<p>All-time Capital Limited, Apex Capital Partners, Axe Capital Limited  (Formerly United Asset Management, Intermarket Asset Management Limited  (formerly CDH Asset Management) and Blackshield Capital Management  (formerly Gold Coast Fund Management) are among 32 operating firms whose licences have been revoked.<\/p>\n<p>Speaking on the unprecedented decision, Mr Ababio said the SEC will make available resources for customers of the defunct managers once the validation process progresses.<\/p>\n<p>\u201cOnce we make the validation exercise and we are satisfied that the claimants are who they say they are\u2026we will proceed to the Registrar General to also look at liquidating some of these businesses,\u201d he said.<\/p>\n<p>The  SEC has said the Registrar-General\u2019s Department will be the Receiver for an entity that will be created for the firms whose licences have been revoked. The Receiver will also scrutinise the payments of funds to investors.<\/p>\n<p>The firms whose licences have been revoked controlled at least 56,000  investors with a combined asset of GHS1 billion, the SEC has revealed.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#13; &#13; &#13; &#13; Following the revocation of the licenses of Gold Coast Securities and other securities institutions\u2019 licenses, the Securities and Exchange Commission (SEC) says will begin a claims-validation process for investors of fund managers. Deputy General-Secretary of the SEC, Paul Ababio, told Joy Business that in the coming weeks, a series of announcements [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":741611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-741610","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Revocation of Gold Coast Securities, others&#039; licenses: SEC starts process to pay customers - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/11\/10\/revocation-of-gold-coast-securities-others-licenses-sec-starts-process-to-pay-customers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Revocation of Gold Coast Securities, others&#039; licenses: SEC starts process to pay customers - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"&#013; &#013; &#013; &#013; Following the revocation of the licenses of Gold Coast Securities and other securities institutions\u2019 licenses, the Securities and Exchange Commission (SEC) says will begin a claims-validation process for investors of fund managers. 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&#13; &#13; &#13; Following the revocation of the licenses of Gold Coast Securities and other securities institutions\u2019 licenses, the Securities and Exchange Commission (SEC) says will begin a claims-validation process for investors of fund managers. 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