Licenses of some fund management companies which were revoked in 2019 will be restored by the Securities and Exchange Commission soon.
This was revealed by the Commission’s CEO, Rev. Daniel Ogbamey Tetteh when he appeared on Citi FM’s morning show on Tuesday.
According to him, some of the firms in question appealed the revocation of their licenses through SEC’s administrative processes.
“There were eight firms that appealed, and this was soon after the revocation. They appealed against the revocation. So, the administrative hearings committee, which excludes myself and the executives have within this period also been meeting the various firms and hearing their cases. And I can confirm that they have recently completed hearing these cases and some of them were successful, others were not. If you are successful, it means that your appeal to have the revocation lifted has been successful,” he said.
Rev Ogbamey Tetteh added that the list of both the successful and not successful companies will be made public in coming days.
“We will be publishing them in the coming days because when we did the revocation exercise, we published it. We will also be publishing, in the coming days, the list of those who have been successful and those who were not successful. It will be clear so that everyone will know where these companies stand.”
The companies who made the appeal include Monarch, Intermarket formally known as CDH, Black Shield/Goldcoast, Cripa Capital, Cron Capital, Frontline Capital.
Some other firms, APEX Capital, Ideal Finance, Omega Capital and First Bank, went to court over the issue and Rev. Ogbamey Tetteh said those cases are at various stages.
“There were four companies that went directly to court to ask for a judicial review for them regarding the revocation decision. It hasn’t been fully determined. They are at various stages,” he added.
He further explained that the Securities Industries Act makes a provision for companies who have an issue with SEC’s decisions or any issue within the industry to make an appeal to the Administrative Hearing Committee of SEC or the courts.