SEC closes down 53 fund management companies

The Securities and Exchange Commission (SEC) has revoked the licenses of All-Time Capital Partners Limited, Gold Coast Securities and 51 other investment companies.

SEC in a statement explained the revocation of the licences is to protect the integrity of the securities market and investors.

“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches. The SEC has concluded after extensive engagement with these institutions that their continuous existence in the light of their conduct poses severe risks to the stability of the capital market and to the interests of investors,” the statement further explained.

“In addition, the SEC has notified the Registrar of Companies of the revocation of these licenses and has requested that the Registrar petitions the High Court to commence winding-up proceedings against these companies under the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180),” the statement added.

Below is the list of the affected companies sighted by thepublisheronline.com: 

1. All-Time Capital Partners Limited
2. Alpha Cap Securities Limited
3. Axe Capital Advisors Limited
4. Apex Capital Partners Revoked
5. Beige Capital Limited Revoked
6. Brooks Asset Management Limited
7. Cambridge Capital Advisors Limited
8. Canal Capital Limited Revoked
9. Corporate Hills Investment Ltd.
10. Dowjays Investment Limited
11. EM Capital Limited Revoked
12. Energy Investments Limited
13. Fromfrom Capital Limited
14. Frontline Capital Advisors Limited
15. FirstBanc Financial Services Limited
16. Galaxy Capital Limited
17. Gold Coast Fund Management Limited
18. Gold Rock Capital Management Limited
19. Goldstreet Fund Management Limited
20. Global Investments Bankers Limited
21. Heritage Securities Limited
22. Ideal Capital Partners Limited
23. Integrity Fund Management Limited
24. Intermarket Asset Management Ltd
25. Kripa Capital Ltd.
26. Kron Capital Limited
27. Legacy Financial Services
28. Liberty Asset Management Limited
29. Kamag Kapital Limited
30. Mak Asset Management Limited
31. Man Capital Partners Limited
32. Mec-Ellis Investment(Ghana) Limited
33. McOttley Capital Limited
34. Monarch Capital Limited
35. Mutual Integrity Assets Management Limited
36. Nesst Capital Limited
37. Nickel Keynesbury Limited
38. Nordea Capital Limited
39. Omega Capital Limited
40. Procap Finance Company Limited
41. QFS Securities Limited
42. SGL Royal Kapita Limited
43. Sirius Capital Limited
44. Strategic Hedge Capital Limited
45. Standard Securities Limited
46. Supreme Trust Capital Limited
47. Tikowrie Capital Ltd.
48. Unisecurities Limited
49. Universal Capital Management
50. Ultimate Trust Fund Management Ltd.
51. Utrak Capital Management Limited
52. Wealth Vision Financial Services Limited
53. Weston Capital Limited

Voluntary Cessation

1. HFC Capital Partners Limited
2. Attai Capital Limited
3. Serengeti Capital Limited
4. Indigo Investment Management Limited
5. Verit Investment Advisory Limited