Banking cleanup: All depositors will be paid – SEC Boss
Rev. Daniel Ogbarmey Tetteh

The Securities and Exchange Commission (SEC) of Ghana has announced, in pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929) that six fund managers have voluntarily decided to cease operation…

The Securities and Exchange Commission (SEC) of Ghana has announced, in pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929) that six fund managers have voluntarily decided to cease operation.

In a statement issued on Tuesday, 29 January 2019, the Commission said it wishes to bring to the notice of the general public that the under listed licensed operators engaged in fund management activities in the capital market (fund managers), have voluntarily requested to cease operation for various reasons.

They include HFC Capital Partners Limited, Attai Capital Limited, Serengeti Capital Limited, Indigo Investment Management Limited, Verit Investment Advisory Limited and Waxson Investment and Pension Management Limited.

The Commission said it has, after a thorough assessment of the circumstances, approved their requests.

The six companies are, therefore, not mandated to carry out any fund management activities.

Consequently, the Commission has warned the general public that “anyone who engages in any transaction with any of these companies or their representatives, in their capacity as Fund Managers could be exposing him/herself to avoidable risk”.

“The Commission, hereby, assures all investors, market operators and the general public that it is committed to ensuring rigorous enforcement of all the rules for operators in the capital market in order to promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected”, the SEC said.

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