United Securities expelled from Ghana Stock Exchange

United Securities Trust Limited has been expelled from membership of the Ghana Stock Exchange (GSE) for gross violation of the regulations of the exchange, reports the Daily Graphic in a front page story.

The paper says the company was found to have misrepresented itself to Enterprise Insurance Company (EIC) that it had a licence to deal in government securities and for investing in equities with EIC?s funds against the client?s express instructions to invest the funds in government treasury securities.

The Graphic quotes a statement issued by the GSE and signed by the managing director, Mr Yeboa Amoa, as saying the council of the GSE found the action of United Securities to be in gross violation of the code of business conduct for Licensed Dealing Members.

United Securities, the statement said, had also written letters to the EIC and taken certain actions, which deceived the GSE that investments in the treasury securities had been made.