Rev Daniel Ogbame Tetteh
The Administrative Hearing Committee (AHC) has ruled on the revocations of the licenses of some microfinance companies by the Securities and Exchange Commission (SEC).
Per the ruling, some of the companies have had their revocation sustained, license restored, while others have had their revocation commuted to suspension for six months.
Monarch Capital Limited has seen its license restored, Integrity Fund Management Limited revocation suspended to six months and Legacy Fund Management Limited also having 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 licenses revocations sustained.
This was made known in a statement issued by SEC.
The companies had their licenses revoked on November 8, 2019.
Firstbanc Financial Services Limited, Apex Capital Limited, Omega Capital Limited, are having their cases at various stages, according to SEC.
By Melvin Tarlue