Registrar General to hold virtual bailout meetings for investors of collapsed FMCs
The Registrar General of Ghana, Mrs Jemima Mamaa Oware, who is the official liquidator in the matter involving the fifty-three (53) Fund Management Companies (FMCs) who were affected by the closure of the investment houses due to several breaches in the running of those entities, has issued a notice to all investors of the fifty-three companies of an impending virtual meetings to discuss Government’s bailout plans for them.
According to her, the bail out plan is only for creditors of these companies who qualify as investors and are under the control of the Securities and Exachnage Commission (SEC).
This was contained in a notice released today by Mrs Jemima Mamaa Oware.
“Take notice and notice is hereby given that all the investors of the underlisted Companies are being invited to a virtual investor meeting on the scheduled dates and time for each of the meetings, commencing on the 15th day of September, 2020 for an update on a Government of Ghana Bailout Plan for creditors who qualify as investors of the AMCs and are under the regulatory remit of the SEC,” the statement read.
Giving further details, the Official Liquidator explained that the notices of the scheduled meeting will be given to individual creditors through texts.
Below are the underlisted Names of Companies and their respective date and time for the meeting.
DAY 1: Date : 15th September, 2020 : Time: 9:00 – 12pm
INTERMARKET ASSET MANAGEMENT LIMITED (FORMERLY CDH
ASSET MANAGEMENT LIMITED)
FROMFROM CAPITAL LIMITED
NESST CAPITAL LIMITED
MAK ASSETS MANAGEMENT LIMITED
MEC-ELLIS INVESTMENTS (GHANA) LIMITED
ALPHA CAP SECURITIES LIMITED
MAN CAPITAL LIMITED
SIRIUS CAPITAL LIMITED
KAMAAG KAPITAL LIMITED (FORMERLY LIFELINE ASSET
MANAGEMENT LIMITED)
TIKOWRIE CAPITAL LIMITED
DAY 2: Date: 16th September, 2020 : Time: 9:00 – 12pm
BROOKS ASSET MANAGEMENT LIMITED
ALL-TIME CAPITAL LIMITED
MUTUAL INTEGRITY LIMITED
WESTON CAPITAL LIMITED
STANDARD SECURITIES LIMITED
GALAXY CAPITAL LIMITED
NORDEA CAPITAL LIMITED
NICKEL KEYNESBURY LIMITED
AXE CAPITAL ADVISORS LIMITED (FORMERLY UNITED CAPITAL
ADVISORS LIMITED)
SUPREME TRUST CAPITAL LIMITED
Background
The Securities and Exchange Commission (SEC), acting in accordance with Section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) (SIA) revoked the licenses of 53 Asset Management Companies (AMCs).
Pursuant to applications by the Registrar of Companies, the High Court, Commercial Division presided over by Her Ladyship Justice A. Mensah Homiah (JA) ordered the official winding up of the underlisted Companies.
