Business News of Friday, 22 November 2019Source: Graphic.com.ghSee list of collective investments not affected by the revocation of 53 Fund Management licencesDirector General of SEC, Dr. Daniel Ogbarmey-TettehThe Securities and Exchange Commission (SEC) has published a list of 18 Collective Investment Schemes (CIS) in the form of Mutual Funds or Unit Trusts which have not been affected by the revocation of the licences of their respective fund managers. A press release issued by the SEC said the revocation of the licences of the Fund Managers neither affects the valid licences of nor terminates the Mutual Funds and Unit Trusts that they used to manage. "Investors of affected CIS shall be advised by their respective Boards and Trustees when the fund managers are appointed or any other option taken in accordance with Act 929". The SEC said the affected companies failed to return client funds which remained locked up in, contravention of the investment rules. The SEC on Monday, November 18, 2019, commenced a process to validate the claims of the customers of the 53 fund management companies.

Source: GhanaWeb November 22, 2019 13:29 UTC