General News of Saturday, 9 November 2019Source: 3news.comSEC’s reasons for revocation misleading and untrue – NduomCEO of Groupe Nduom, Paa Kwesi NduomChairman and Chief Executive Officer of Groupe Nduom Dr. Papa Kwesi Nduom has expressed disappointment in a decision by the Securities and Exchange Commission (SEC) to revoke the license of Blackshield Capital Management. On Friday, November 8, Blackshield Capital Management was named among 53 fund management companies whose licenses were revoked by SEC. SEC cracks the whip; revokes licenses of 53 investment firmsAccording to a notice by the Commission, Blackshield Capital Management failed to honour clients’ redemption requests. But a statement issued by Dr. Nduom minutes after news broke on the revocation said SEC had acted without responding to the numerous requests to assist Blackshield Capital Management retrieve its funds from various government entities. The statement said SEC’s notice “regrettably includes a number of misleading and/or untrue statements, including the assertion that 99.41% of Blackshield’s funds were placed in one investment vehicle”.

Source: GhanaWeb November 09, 2019 10:39 UTC