The Securities and Exchange Commission, (SEC) has restored the licenses of some Fund Management Companies whose licences were earlier revoked.
This comes after the completion of work by the Commission’s Administrative Hearings Committee.
The Director-General of the SEC, Rev. Ogbarmey Tetteh, says his outfit will begin paying customers after necessary validation processes.
But the SEC sustained the revocation of the license of Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited
A statement published on SEC’s website showed that four other companies also had their revocations sustained after they appeared before the Administrative Hearings Committee.
The four are; Kron Capital Limited, Kripa Capital Limited, Frontline Capital Advisors, and Intermarket Asset Management Limited (formerly CDH Asset Management).
On the other hand, Monarch Capital Ghana Limited had its operating license restored.
Two other companies, Integrity Fund Management, and Legacy Fund Management have been commuted to suspension for six months.
In November 2019, SEC revoked the license of some 53 fund management companies for various violations including their inability to pay clients their investments.
Three companies; Firstbanc Financial Services Limited, Apex Capital Limited, and Omega Capital Limited have filed cases in court over the revocation of their licenses. The cases are at various stages of completion.