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08.11.2019 Business & Finance

Persons Behind Collapsed Fund Management Companies To Face 5-year Ban – SEC

Persons Behind Collapsed Fund Management Companies To Face 5-year Ban – SEC
LISTEN NOV 8, 2019

The Securities and Exchange Commission (SEC) has said 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Below is the list of companies whose licenses have been revoked

  1. All-Time Capital Partners Limited
  2. Alpha Cap Securities Limited
  3. Axe Capital Advisors Limited
  4. Apex Capital Partners Revoked
  5. Beige Capital Limited Revoked
  6. Brooks Asset Management Limited
  7. Cambridge Capital Advisors Limited
  8. Canal Capital Limited Revoked
  9. Corporate Hills Investment Ltd.
  10. Dowjays Investment Limited
  11. EM Capital Limited Revoked
  12. Energy Investments Limited
  13. Fromfrom Capital Limited
  14. Frontline Capital Advisors Limited
  15. FirstBanc Financial Services Limited
  16. Galaxy Capital Limited
  17. Gold Coast Fund Management Limited
  18. Gold Rock Capital Management Limited
  19. Goldstreet Fund Management Limited
  20. Global Investments Bankers Limited
  21. Heritage Securities Limited
  22. Ideal Capital Partners Limited
  23. Integrity Fund Management Limited
  24. Intermarket Asset Management Ltd
  25. Kripa Capital Ltd.
  26. Kron Capital Limited
  27. Legacy Financial Services
  28. Liberty Asset Management Limited
  29. Kamag Kapital Limited
  30. Mak Asset Management Limited
  31. Man Capital Partners Limited
  32. Mec-Ellis Investment(Ghana) Limited
  33. McOttley Capital Limited
  34. Monarch Capital Limited
  35. Mutual Integrity Assets Management Limited
  36. Nesst Capital Limited
  37. Nickel Keynesbury Limited
  38. Nordea Capital Limited
  39. Omega Capital Limited
  40. Procap Finance Company Limited
  41. QFS Securities Limited
  42. SGL Royal Kapita Limited
  43. Sirius Capital Limited
  44. Strategic Hedge Capital Limited
  45. Standard Securities Limited
  46. Supreme Trust Capital Limited
  47. Tikowrie Capital Ltd.
  48. Unisecurities Limited
  49. Universal Capital Management
  50. Ultimate Trust Fund Management Ltd.
  51. Utrak Capital Management Limited
  52. Wealth Vision Financial Services Limited
  53. Weston Capital Limited


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