Rev Daniel Ogbarmey Tetteh, SEC boss
FOUR OF the 50 fund management companies (FMCs) whose licences were revoked have filed applications in court to challenge the decision of the Securities and Exchange Commission (SEC) to revoke their licences. These cases are at various stages in court and have resulted in a situation where no other action can be taken by SEC or the Registrar General to proceed with official liquidation and government bailout of the clients of these four FMCs until the court decides on them.
These companies include Blackshield Capital Management Limited, which specifically appealed to SEC’s Administration Hearing Committee (AHC) and was unsuccessful in its appeal. Subsequently, it has filed a case in court seeking a review of the AHC decision.
Hearing commenced on July 28, 2020 and would resume after the legal vacation.
Firstbanc Financial Services Limited also filed an application in court for judicial review of the revocation of its licence but judgment was given in favour of the SEC.
Firstbanc Financial Services Limited has commenced processes for an appeal in the Court of Appeal against the decision.
On August 10, 2020, it filed an application in court for an injunction pending the determination of the appeal.
Apex Capital Partners filed an application in court for judicial review of the revocation of its licence and judgment was given in favour of the SEC.
Apex Capital Partners appealed against the decision in the court of Appeal on July 8, 2020.
Ideal Capital Partners Limited, after withdrawing an initial court case, filed another case on July 29, 2020 against the SEC’s revocation decision.
Hearing of the application by the court is scheduled to begin on November 18, 2020.
BY Samuel Boadi