Dr. Ogbamey Tetteh, SEC boss
The Securities and Exchange Commission (SEC) says its Administrative Hearing Committee (AHC) has ruled on the licences of some microfinance companies which were revoked pursuant to Section 122 (2) (b) of Act 929 last year.
SEC said per the ruling, some of the companies had had their revocation sustained, licences restored, while others had their revocation commuted to suspension for six months.
Monarch Capital Limited, for example, has seen its licence restored, while Integrity Fund Management Limited’s revocation has been suspended to six months.
Legacy Fund Management Limited has also had its revocation commuted to six months suspension.
Kripa Capital Limited, Kron Capital Limited, Frontline Capital Advisors Limited, Intermarket Asset Management Limited and Blackshield Capital Management Limited have all seen their licence revocations sustained.
In a statement issued by SEC recently, it said the companies had their licences revoked on November 8, 2019.
In the case of Firstbanc Financial Services Limited, Apex Capital Limited and Omega Capital Limited, the SEC said these companies’ issues were being resolved at various stages.
By Melvin Tarlue