Some fund management institutions who appealed to the Administrative Hearings Committee over the revocation of their licenses by the Securities and Exchange Commission have been furnished with a decision by the Committee.
As per the verdict of the Administrative Hearing Committee, SEC has sustained the revocation of licenses of Kron Capital Limited, Kripa Capital Limited, Frontline Capital Advisors Limited, Intermarket Asset Management Limited (formerly CDH Asset Management Limited), and BlackShield Capital Management Limited (formerly Gold Coast Fund Management Limited).
A press release sighted by Valutz News stated that two other companies have had their license revocation commuted to suspension for six months. They are Integrity Fund Management Limited and Legacy Fund Management after they appeared before the Administrative Hearing committee. Monarch Capital Limited was the lone jubilant as it had its Licensed restored by the committee.
FirstBanc Financial services Limited, along with two other companies, Apex Capital and Omega Capital Limited have also filed cases in court and according to the assigned Committee, their cases are at various stages of completion.
Payment of monies to commence soon
Meanwhile, aggrieved customers who have been affected by the revocation of licenses of these financial institution and have been venting over the delay in the processing and payment of monies owed them can now heave a sigh of relief.
The Director General of the Securities and Exchange Commission, Rev. Ogbarmey Tetteh has intimated that the commission will commence disbursement of funds to customers once validation processes are completed.
The Securities and Exchange Commission on Monday, 11th November 2019, together with its authorized agent revoked the licenses of fifty three (53) fund management institutions in the securities market for stipulated reason. The basis for the revocation of licenses of these financial institutions was premised on their failure to return clients fund which remained locked up, which defies investment regulations.