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Business news for Tuesday, September 1, 2020
Source: GNA
2020-09-01
Rev Daniel Ogbarmey Tetteh, Director General of the SEC
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Four of the 50 fund management companies (FMC), whose licenses were revoked by the Securities and Exchange Commission (SEC), have filed applications with the Court challenging the decision.
A statement issued in Accra by the Commission said the cases were in various stages in Court and had resulted in a situation where the SEC or the Secretary General could not take any further action to proceed with the official settlement and the government rescue of the clients of the four CSPs until the Court ruled on them.
It said that Blackshield Capital Management Limited (formerly Gold Coast Fund Management) appealed to the SEC’s Administrative Hearings Committee (AHC) and yet was unsuccessful on its appeal.
Subsequently, it said that Blackshield Capital Management Limited had filed a court case requesting a review of AHC’s decision.
“The hearing of this case began on July 28, 2020 and will resume after the legal holidays,” he added.
He said Firstbanc Financial Services Limited also filed an application in court for a judicial review of the revocation of his license, but a ruling was issued in favor of the SEC.
The statement said that Firstbanc Financial Services Limited had commenced Court of Appeal proceedings against the decision and on August 10, 2020 and had submitted a request for a court order pending the determination of the appeal.
It said that Apex Capital Partners also filed a request for a judicial review of its license revocation and a ruling was issued in favor of the SEC.
“Apex Capital Partners appealed the decision in the Court of Appeals on July 8, 2020,” he added.
He said that Ideal Capital Partners Limited, after withdrawing an initial court case, filed another case on July 29, 2020 against the SEC’s revocation decision.
The Court’s application hearing is scheduled to begin on November 18, 2020.
The SEC, acting in accordance with Section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) (SIA) revoked the licenses of 53 FMC on November 8, 2019 due to its inability to return the funds. from customers totaling GHC 8 billion and significant violations of applicable regulations that created risks to financial stability.
The enforcement action taken by the SEC is part of a general exercise to clean up the financial sector.
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