There is tension at the state-owned Graphic Communications Group Limited as staff have had their End of Service Benefits (ESBs) locked up with Unisecurities, one of the insolvent fund management companies.

According to sources available to MyNewsGh.com, the amount involved is running into several millions of cedis with people who have worked with the establishment for 20 years or even more all being victims.

It is gathered that when a decision was taken to cancel the ESB, instead of the company paying the money to workers for them to decide what to do, Management decided to invest it on behalf of workers with Unisecurities.

An internal memo intercepted by MyNewsGh.com from the Finance Officer Communicating the unfortunate development reads in part “On Friday November 8, 2019, the Regulator — Securities and Exchange Commission (SEC) revoked the licenses of 53 companies including Uni-Securities where Graphic holds its End of Service Benefit (ESB) investments.

Understandably, this decision will cause apprehension and anxiety among employees.

Management requests all employees to remain calm. The Company remains committed to pay all ESBs as and when they fall due.

Meanwhile, the Company is working with relevant stakeholders to retrieve its investment within the shortest possible time”

SEC shuts down 53 fund management firms

It would be recalled that the Securities and Exchange Commission (SEC) has revoked the operating licenses of 53 fund management firms.

The revocation which took effect from Friday, November 8, was in pursuant to Section 122 (2) (b) of the Securities Industry Act, 2016 (Act 929 or “the Act”).

The Act authorizes SEC to revoke the license of a market operator which it deems not to be performing in conformity with the industry’s best practices and standards, among others.

The SEC announcement said “the revocation of the licences of the specified companies has become necessary as they have largely failed to return client funds, which remain locked up and in a number of cases, they have even folded up their operations.”

“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches,” it said.

Affected Companies

The companies which have had their licenses revoked are: Alpha Cap Limited, Beige Capital Asset Management Limited, Cambridge Capital Advisors Limited, EM Capital Limited, Energy Investments Limited, Fromfrom Capital Limited, Gold Rock Capital Management Limited, Heritage Securities Limited (formerly Futurepip Asset Management, Kamaag Kapital Limited (formerly Lifeline Asset Management), Kron Capital Limited, Mak Asset Limited, Man Capital Partners Limited, Mcottley Capital Limited, Mec-Ellis Investments (Ghana) Limited, Nickel Keynesbury Limited and SG Royal Kapita Limited.

The rest include Standard Securities Limited (formerly ASN Investments Limited), Tikowire Capital Limited, Ultimate Trust Fund Management Limited, Universal Capital Management Limited and Weston Capital Limited.

The statement also mentioned names of fund managers whose licenses were revoked as well; All time Capital Limited, Apex Capital Partners, Axe Capital Limited (Formerly United Asset Management), Blackshield Capital Management (formerly Gold Coast Fund Management), Brooks Asset Management Limited, Canal Capital Limited, Corporate Hills Investment Limited, Dowjays Investment Limited, Firstbanc Financial Services Limited, Frontline Capital Advisors Limited, Galaxy Capital Limited

Others are; Global Investment Bankers Limited, Goldstreet Fund Management Limited (formerly Goldstreet Investment Limited), Ideal Capital Partners Limited, Intermarket Asset Management Limited (formerly CDH Asset Management), Integrity Fund Management Limited, Kripa Capital Limited, Legacy Fund Management Limited (formerly Legacy Financial Services Limited), Liberty Asset Management Limited and Monarch Capital Limited.



Also, shut down are Mutual Integrity Asset Management Limited, Nesst Capital Limited, Nordea Capital Limited, Omega Capital Limited, Procap Finance Limited, QFS Securities Limited, Sirius Capital Limited, Strategic Hedge Capital Limited, Supreme Trust Capital Limited, Unisecurities Ghana Limited, Utrak Capital Management Limited and Wealth Vision Financial Services Limited.