This was revealed by the Chief Executive of SEC, Rev Daniel Ogbamey Tetteh.
In an interview with Accra-based Citi FM, Rev Ogbamey Tetteh said some of the firms appealed the revocation of their licenses through SEC’s administrative processes.
“There were eight firms that appealed, and this was soon after the revocation. They appealed against the revocation. So, the administrative hearings committee, which excludes myself and the executives have within this period also been meeting the various firms and hearing their cases. And I can confirm that they have recently completed hearing these cases and some of them were successful, others were not. If you are successful, it means that your appeal to have the revocation lifted has been successful.”
He added that they will publish a list of both successful and unsuccessful companies in the public to make know where they can invest.
“We will be publishing them in the coming days because when we did the revocation exercise, we published it. We will also be publishing, in the coming days, the list of those who have been successful and those who were not successful. It will be clear so that everyone will know where these companies stand.”
The companies who appealed include Monarch, Intermarket formally known as CDH, Black Shield/Goldcoast, Cripa Capital, Cron Capital, Frontline Capital.
Rev Ogbamey Tetteh said some other firms, went to court over the same matter and those cases are at various stages.
The companies that went to court are APEX Capital, Ideal Finance, Omega Capital, and First Bank.
“There were four companies that went directly to court to ask for a judicial review for them regarding the revocation decision. It hasn’t been fully determined. They are at various stages,” he added.
He explained that the Securities Industries Act makes allows companies who have an issue with SEC’s decisions or any issue within the industry to appeal to the Administrative Hearing Committee of SEC or the courts.