Paul Ababio, Deputy Director of the Securities and Exchange Commission
Deputy Director of the Securities and Exchange Commission (SEC), Paul Ababio has disclosed that security agencies; Economic Organised Crime Office (EOCO) and the Criminal Investigative Department (CID) are pursuing some 21 fund managers who are believed to have escaped with the investments of their customers.
According to him, the Attorney General’s office is also looking into the matter and is expected to take the needed legal measures.
“We know the whereabouts of some of the 21 fund managers and the EOCO and CID are conducting a people trace of the other fund managers and I can assure you that we will get the assets back into the system,” Paul Ababio made this known in an interview on JoyNews on November 11.
The SEC on Friday, November 8 in a statement issued the revocation of operating licences of 53 investment companies.
According to the regulator, the action taken was in accordance with its mandate of protecting investors and the integrity of the capital market including troubled securities firms that have still not been able to address concerns raised about their operations over the years.
The SEC further revealed that by the close of business on Tuesday, November 12, the commission, together with its authorized agent, will provide further details about the validation process and specific locations where investors can present their claims to be validated.
“In the interim we urge all investors to remain calm, gather all receipts, statements and any other documentation related to their investment with the affected institutions,” the SEC said in a statement.
