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Below is the list of companies whose licenses have been revoked
- 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