The Securities and Exchange Commission (SEC) has announced that it will in the coming days restore the licenses of some fund management companies whose licenses were revoked in 2019.
This was disclosed by the Chief Executive Officer of the Securities and Exchange Commission, Rev. Daniel Ogbamey Tetteh in an interview with Accra based radio, Citi FM and monitored by NewsGhana.
“There were eight firms that appealed and this was soon after the revocation. They appealed against the revocation. So, the administrative hearings committee, which excludes me and the executives have within this period also been meeting the various firms and hearing their cases. And I can confirm that they have recently completed hearing these cases and some of them were successful, others were not. If you are successful, it means that your appeal to have the revocation lifted has been successful,” he said.
Rev. Ogbamey Tetteh told interview host Bernard Avle that the Commission will be publishing the list in the coming days just as it did when it revoked their licenses.
“We will be publishing in the coming days, the list of those who have been successful and those who were not successful. It will be clear so that everyone will know where these companies stand”, he added.
answering a question on the details of legalities with some firms that went to court over their revocation, Rev. Ogbamey Tetteh stated that it is best to leave matters in the hands of the law as such cases are at various stages.
“There were four companies that went directly to court to ask for a judicial review for them regarding the revocation decision. It hasn’t been fully determined. They are at various stages,” he added.
The SEC CEO explained that there is a provision in the Securities Industries Act for anyone who has an issue to do with any decision of the commission or any issue within the industry to appeal to the Administrative Hearing Committee of SEC or the courts.
Affected fund management companies that resorted to the Administrative Hearing Committee according to Rev. Ogbamey included Monarch, Intermarket also known CDH, Black Shield is formally known as GoldCoast Securities, Kripa Capital, Kron Capital and Frontline Capital.
Those who went to court include APEX Capital, Ideal Finance, Omega Capital and First Bank.
Source: NewsGhana
So what happen to our investment, would it be paid before the fund managers take over or what?