SEC sustains revocation of 5 fund managers including Black Shield Capital

The Securities and Exchange Commission (SEC) has sustained the revocation of the licenses of some five fund management companies following the completion of work by its Administrative Hearings Committee (ACH).

The five companies are Kron Capital Limited, Kripa Capital Limited, Frontline Capital Advisors Limited, Intermarket Asset Management Limited (formerly CDH Asset Management Limited and Black Shield Capital Management Limited (formerly Goldcoast Fund Management Limited).

Monarch Capital licence restored

Of the eight companies to have appealed to the ACH, only Monarch Capital Limited was successful in having its licence restored by the SEC while Integrity Fund Management Limited and Legacy Fund Management Limited had their respective licence revocations commuted to six-month suspensions.

Read Also: SEC's statement on Blackshield misleading - Groupe Nduom

Court cases

Meanwhile, three companies; Firstbanc Financial Services Limited, Apex Capital Limited and Omega Capital Limited have filed cases in court over the revocation of their licenses.

Background

In November 2019, the SEC revoked the licenses of 53 fund management companies for various infractions including their inability to pay clients their investments.

Read the SEC's statement below;

Public Notice on Update on Revocation of Licencees on Fund Managment Companies