The Securities and Exchange Commission, (SEC) has restored the licenses of some Fund Management Companies whose licences were earlier revoked but maintained that Dr Papa Kwesi Nduom’s Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited licence be revoked.
This comes after the completion of work by the Commission’s Administrative Hearings Committee.
A statement published on SEC’s website showed that Monarch Capital Ghana Limited had its operating license restored.
Kron Capital Limited, Kripa Capital Limited, Frontline Capital Advisors, and Intermarket Asset Management Limited (formerly CDH Asset Management) had their revocations sustained.
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.