Just like starting a business is hard, maintaining, and ensuring due diligence can be quite tough when certain regularities are not strategically put in place. Thus the organized efforts and activities of individuals are essential to ensure the survival of an entity. Below are some major business fails in Ghana …
Read More »SEC issues new minimum capital requirement for operators
The Securities and Exchange Commission (SEC) has on Tuesday, October 13 issued new capital requirements for market operators in the Ghanaian capital market industry. The new directive in accordance with Section 209 of the Securities Industry Act 2016, (Act 929) is in line with the Commission’s mandate of regulating and …
Read More »No customer of defunct fund managers will be excluded in bailout – SEC
The Securities and Exchange Commission (SEC), has assured customers whose funds have been locked-up in the 53 defunct fund management companies since November 2019, that the government bailout packages will not exclude them. In a statement issued on Wednesday, September 2, 2020, the SEC stated that its earlier statement which …
Read More »VIDEO: ‘Kill us; we’re ready to die’ – Arrested clients of collapsed Fund Managers
The spokesperson of the Coalition of Aggrieved Customers of the 53 Collapsed Fund Management Companies, Mr Charles Nyame and one other person, have been arrested for unlawful picketing. Members of the coalition besieged the premises of the Ministry of Finance on Tuesday, 1 September 2020 to stage a protest in …
Read More »Go to CBG for validation and payment – SEC to customers of Gold Coast, others
The Securities and Exchange Commission (SEC) has asked customers of the collapsed fund management firms to visit CBG branches from Tuesday to validate their documents in order to receive payments. According to the Deputy Director-General for SEC Paul Ababio, customers will receive text messages showing them the processes to receive …
Read More »Distraught customer shares frustration after SEC’s closure of investment companies
Listen to the Audio below A distraught customer of First Banc Financial Services at the Airport residential area in Accra has shared his frustrations after the closure of 53 struggling fund management companies by the Securities and Exchange Commission. The aggrieved customer of the now-defunct financial firm told Joy News’ …
Read More »SEC’s statement on Blackshield misleading – Groupe Nduom
Groupe Nduom Limited has reacted to the Securities and Exchange Commission’s revocation of licenses of 53 fund management companies, which includes Blackshield Capital Management (formerly Gold Coast Fund Management). According to Groupe Nduom, the entity representing the interests of the majority shareholders and founders of Blackshield, the SEC’s assertion that …
Read More »SEC revokes licenses of Unisecurities, 52 other Fund Management companies
The Securities and Exchange Commission (SEC) has revoked the licenses of 53 Fund Management Companies. SEC, in a statement explained that the revocation follows the companies’ failure to “return client funds which remain locked up and in a number of cases, have even folded up their operations.” “Essentially, they have …
Read More »SEC to revoke licences of more investment banks
The Securities and Exchange Commission (SEC) will soon shut down some investment firms operating in the country after it completes an ongoing forensic audit of some 21 investment companies, the Deputy Director-General of SEC has disclosed. According to Paul Ababio, who refused to give further information on these firms, SEC …
Read More »Menzgold saga: Nobody can give you any guarantee – SEC to customers
The Securities and Exchange Commission (SEC) has said there is no guarantee that the locked up funds of customers of defunct gold dealership company, Menzgold could be retrieved anytime soon. Addressing a Press conference today in Accra, the Director-General of the SEC, Rev. Daniel Ogbarmey Tetteh said not much can …
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