General News of Saturday, 9 November 2019Source: citinewsroom.comPersons behind fall of Fund Management Companies to face 5-year ban – SECThe licenses of 53 Fund Management Companies have been revoked by SECThe Securities and Exchange Commission (SEC) has said that persons whose actions and inactions resulted in the collapse of Fund Management Companies in the country will be banned from operating in the Capital Market for five (5) years. The Commission said the indicted persons could include past officers and shareholders of the affected companies. Some 53 Fund Management Companies had their licenses revoked by the SEC on Friday as part of processes to sanitize the sector. SEC said persons who were found to have engaged in criminal behaviour, leading to the revocation of the licenses, will also be made to face the law. In cases of alleged criminal behaviour the SEC will forward evidence to the Attorney General for further investigation and prosecution,” SEC said on its website.

Source: GhanaWeb November 09, 2019 08:51 UTC