The Registrar-General's Department has held a two-day virtual meeting on September 15th and 16th with investors of 53 Asset Management Companies (AMCs) whose licenses were revoked by the Securities and Exchange Commission (SEC).
The meeting was to provide an update on a Government's Bailout Plan for creditors who qualified as investors of the AMCs and were under the regulatory remit of the SEC.
A statement from the Registrar-General's Department signed by Mrs Jemima Mamaa Oware, the Registrar-General and Official Liquidator for the 53 Fund Management Companies, and copied to the Ghana News Agency in Accra on Monday stated.
The statement said the SEC's annulment of licenses of the 53 AMCs was carried out under Section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) (SIA).
"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 under listed Companies," the statement said.
The statement said the companies had been set into two groups.
On Tuesday, September 15, from 09:00 hours to noon the first group was made up of the Intermarket Asset Management Limited (formerly CDH Asset Management Limited), from Capital Limited, Asset Capital Limited, Mak Assets Management Limited and Mec-ellis Investments Ghana limited.
Others were Alpha Cap Securities Limited, Man Capital Limited, Sirius Capital Limited, Kamaag Kapital Limited (formerly Lifeline Asset Management Limited), and Tikowrie Capital Limited.
On day two Wednesday, September 16, the participating companies were Brooks Asset Management Limited, All-Time Capital Limited, Mutual Integrity Limited, Weston Capital Limited, and Standard Securities Limited.
The rest were Galaxy Capital Limited, Nordea Capital Limited, Nickel Keynesbury Limited, Axe Capital Advisors Limited (formerly United Capital Advisors Limited), and Supreme Trust Capital Limited.