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02.02.2007 General News

Former Stock Exchange MD Sues SEC

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A former Managing Director of the Ghana Stock Exchange, Mr Yeboah Amoah has sued the Securities Exchange Commision (SEC) for finding him guilty, after he was found guilty of unprofessional conduct by the Commission some few years back.

The former MD of the Stock Exchange was alleged to have been involved in some unprofessional conduct, whilst he was the exchange's boss some four years back.

There were reports at that time that his position as the MD of the Stock Exchange was compromised as he was also found to be the owner of an Investment Consultancy Firm, INVESTEK, which posed as a conflict of interest.

Though he denied then that he was the owner of the firm, the Securities Commission established that he had breached certain rules of the exchange by virtue of having a share in INVESTEK.

The SEC therefore barred him from getting involved in the industry for a period of six months.

Mr Yeboah Amoah, in his writ, is asking the High Court to quash the decision by the SEC, since he claims the decision bothers on some procedural flaws.