SEC Archives - Wontumi Online

12 Oct

Don’t Blame Finance Ministry For Delay In Payment Of Bailout Funds To Gold Coast Customers – SEC

wontumionlineBusinessBailout funds, Black Shield, Gold Coast, ministry of finance, SEC

The Securities and Exchange Commission (SEC) has pointed out that the Ministry of Finance cannot be blamed for the delay in payment of bailout funds to affected customers of Gold Coast Fund Management Limited. According to the SEC, the delay in payment of bailout funds to the affected customers is not due to the refusal of the Ministry of Finance to provide funds. It rather said in a statement that “The delay is principally due to the legal action by Blackshield/Gold Coast contesting the liquidation petition brought by the Official Liquidator (Office of the Registrar of Companies) at the request…

04 May

SEC Assures Defunct Gold Coast Fund Management Customers Of Payment Of Locked-Up Funds

wontumionlineBusinessDr Godwin Ansah, Gold Coast, SEC

The Securities and Exchange Commission (SEC) has assured the aggrieved customers of the defunct Gold Coast Fund Management that their petition would be relayed to the appropriate quarters. This comes after a three-day picketing at the premises of the commission. Receiving the petition on behalf of the Director General of SEC, Head of Communications and External Affairs, Dr. Godwin Ansah, said his outfit will expedite processes in ensuring these customers are paid on time. “We cannot agree with the numbers by their representatives, but we were very clear in terms of what we have done so far”. “Over 73, 000…

19 Jan

Zenith Bank Continues To Hold A Custodian License – SEC Clarifies

wontumionlineBusinessSEC, Zenith Bank

The Securities and Exchange Commission (SE) has clarified that although Zenith Bank Ghana Limited voluntarily ceased its Trustee services for Unit Trust Schemes in 2022, the Bank continues to hold a Custodian license issued by the SEC under the Securities Industry Act, 2016 (Act 929) and remains an active operator in the Ghanaian Securities market and banking industry. SEC said in a statement that its earlier announcement that it has approved the voluntary cessation of business of Zenith Bank Ghana Limited as a licensed Trustee was misinterpreted. “The attention of the SEC has been drawn to various messages being disseminated among the general…

16 Nov

Mark-To-Market: Your Investments Are Safe – SEC Assures

wontumionlineBusinessSEC, Securities and Exchange Commission

The Securities and Exchange Commission (SEC) has moved to assure investors in the fixed-income segment of the market of their holdings’ safety, following agitation over its directive for fund managers to adopt the Fair Value through Other Comprehensive Income, or mark-to-market valuation approach of portfolios. The move, the securities industry regulator says, seeks the protection of all classes of investors and the market’s integrity by ensuring “a fair and transparent playing field so that both investors and operators are protected”. In a recent media interaction, Director-General of the SEC, Daniel Ogbarmey Tetteh, explained that fund managers have witnessed a sharp…

14 Sep

Don’t Invest In 17 Unlicensed Investment Products Via Online Channels – SEC, EOCO To Public

wontumionlineBusinessCapital market operators, EOCO, Investors, SEC, unlicensed investment products

The Securities and Exchange Commission (SEC) and the Economic and Organized Crime Office (EOCO) have warned the public to desist from investing in all unlicensed investment products through online channels. The warning comes on the back of a joint investigation carried out by the Commission and EOCO revealing that some 17 Entities operating through online channels are not licensed. According to a joint statement by the two institutions, “the companies are not licensed to operate hence the general public, capital market operators and investors should desist from investing with such firms”. It pointed out that “the Securities and Exchange Commission…