SEC cracks the whip; revokes licenses of 53 Fund Management Companies

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A total of 53 Fund Management Companies have had their licenses revoked by the Securities and Exchange Commission (SEC), ABC News can report.

The revocation of the licences, the SEC explained, has become necessary as the affected companies “have largely failed to return client funds which remain locked up and in a number of cases, they have even folded up their operations.”

“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches. The SEC has concluded after extensive engagement with these institutions that their continuous existence in the light of their
conduct poses severe risks to the stability of the capital market and to the interests of investors,” a statement released by the SEC explained.

List of affected companies:

  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

Read the statement by the SEC below:

Source: ABCNewsgh.com

 

 

 

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