Licence revocation: We are disappointed SEC failed to assist us – Dr Nduom

Group Nduom, majority shareholders of Blackshield Capital Management (formerly Gold Coast Fund Management) has expressed disappointment at the revocation of the company’s licence.

Hours after the Securities and Exchange Commission announced the revocation, Dr Paa Kwasi Nduom, Chairman and Chief Executive Officer of Group Nduom said his company’s request for help and announced plans to mitigate customers into a private-sector solution, was not considered by the regulator in arriving at its decision.

“We are disappointed that SEC would take this action without responding to the numerous request to assist Blackshield in retrieving funds owed by various government of Ghana entities,” the statement said.

The Securities and Exchange Commission (SEC) revoked the operating licences of 53 investment companies, Friday.

Blackshield Capital Management is among 32 operating firms whose licences have been revoked.

The revocation of the licences, according to the regulator, is to protect the integrity of the securities market and investors.

At a stakeholder meeting Friday before releasing a list of the affected companies, the Director-General of the SEC, Rev. Daniel Ogbarmey Tetteh, said troubled securities firms that have still not been able to address concerns raised about their operations over the years are among those affected by the action.

Twenty-one other firms were already out of business before the decision to revoke their licences was taken.

“These firms failed to inform clients about the risk that they are taking. They also failed to notify the Commission about their dealings,” said the Director-General of the SEC, Daniel Ogbarmey Tetteh, at the stakeholders’ meeting.