SEC Investigates 10 Companies

The Securities and Exchange Commission

The Securities and Exchange Commission (SEC) has announced that it’s investigating some 10 companies for certain complaints filed against them by investors.

In a statement issued recently, it named the companies as MEC-Ellis Investment Ghana Ltd, Weston Capital Ltd, Brooks Asset Management Ltd, Kamaag Kapital Gh. Ltd. (formerly Lifeline Asset Management Ltd, MAK Asset Management Ltd, EM Capital Partners Ltd, MET Capital Group Ltd, Canal Capital Ltd, Man Capital Partners Ltd and Alpha Cap Securities Ltd.

According to SEC, though the above-listed licensed operators were engaged in fund management activities in the capital market (fund managers), they were under investigation for numerous complaints lodged against them by the investing public.

And most of these border on violation of provisions of the Securities Industry Law, (Act 929, 2016).

“This notice is issued pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929).

“The Commission therefore wishes to inform the general public that anyone who engages in any transaction with any of these companies could be exposing him/herself to avoidable risk. Investigations are ongoing and the public shall be given further notice in due course.”

Some fund management companies in recent times have defaulted in the payment of due commitments to their clients, raising eyebrows on their operations.

Some have also taken delight in opening satellite companies only to siphon investors’ funds into those accounts to fan their own interests, while others misuse investors’ funds on luxurious living to the disadvantage of their customers.

Tags: