- The Securities and Exchange Commission (SEC) has revoked the licenses of 53 fund managers
- They institutions are no longer to operate as such with effect from Friday, November 8, 2019
- The SEC says the affected institutions have failed to operate effectively
- They also have failed to pay client’s investment with some of them even folding up
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The SEC has revoked the licenses of 53 fund management companies with effect from Friday, November 8, 2019.
These include Ndoum Gold Coast Security. FirtBanc, Beige Capital Asset management, Liberty Asset Management Limited, and others.
According to SEC, these actions were taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2016 (Act 929 or “the Act”) which authorizes the commission to revoke the license of a market operator under a number of circumstances.
The revocation of the licenses of the specified companies has become necessary as they have largely failed to return client funds which remain locked up and in a number of cases, they have even folded up their operations, Citinewsroom.com reported.
According to SEC, essentially, these companies 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 in 2018 also revoked the license of Menzgold Company Limited.
Till now, the company is still struggling to pay back investor’s funds.
YEN.com.gh reported earlier that a validation process has been started at Menzgold with all clients being asked to submit their documents for authentication and subsequent payment.
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