Persons behind fall of Fund Management Companies to face 5-year ban – SEC

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Below is the list of companies whose licenses have been revoked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