The SEC also sustained the revocation of the license of Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited.

This was after the completion of work by the Commission’s Administrative Hearings Committee.

In a circular, published on the website of the SEC, it said four other companies have had their revocations sustained after they appeared before the Administrative Hearings Committee.

The four are; Kron Capital Limited, Kripa Capital Limited, Frontline Capital Advisors, and Intermarket Asset Management Limited (formerly CDH Asset Management).

However, the licenses of two other companies, Integrity Fund Management and Legacy Fund Management have been commuted to suspension for six months.

In November 2019, the SEC revoked the licenses of 53 fund management companies for various infractions including their inability to pay clients their investments.

Three companies; Firstbanc Financial Services Limited, Apex Capital Limited, and Omega Capital Limited have filed cases in court over the revocation of their licenses. The cases are at various stages of completion.

Meanwhile, the Director-General of the SEC, Rev Ogbarmey Tetteh said the Commission will start payment of monies to customers when it completes the necessary validation processes.