Ex-GSE Boss wins round one

An Accra High Court has granted leave to Yeboa Amoa, former Managing Director of the Ghana Stock Exchange, to issue a Writ of Certiorari against Securities and Exchange Commission (SEC) and its Administrative Hearings Committee (AHC).

The Court presided over by Anin Yeboa said: "After perusing the records, I herby grant leave as prayed for to enable Counsel apply on notice for the order of certiorari," an order requesting the records of a case for review.

The SEC on Monday 7 April announced sanctions against Amoa after it said it had found him culpable of unethical conduct. However, Amoa challenged the jurisdiction of the SEC and said he had taken to case to the courts.

A statement signed in Accra by Mark Anthony Made, Board Secretary of SEC, said: "The Securities and Exchange Commission wishes to announce for the information of all securities market operators and the general public that following the determination of a complaint of unethical conduct made against Yeboa Amoa" it was sanctioning him.

The statement said: "The Commission received a written complaint on 23 March 2001 alleging acts of unethical conduct against Yeboa Amoa. Among other things, it was alleged that while then the Managing Director of GSE, Yeboa Amoa established an investment consultancy firm called Investek Consultancy Services Limited (Investek), of which he was the Chairman and a 50 per cent shareholder.

"It also alleged that Yeboa Amoa had used the facilities of the GSE to promote the business of Investek and had on an occasion directed an enquirer, who intended doing business in the market to first link up with Investek before contacting the Licensed Dealing Members of the GSE.

Yeboa Amoa told the Ghana News Agency that he did not breach any ethical code since none existed in the industry and showed the GNA a copy of a letter from the GSE Council dated 19 April 2001 and signed by its Acting Chairman, K.O. Amponsa-Dadzie.

The letter stated among other things: "That according to the GSE's policy of disclosure by Council Members, Members are required to declare their holdings in listed equities only. Since ICSL (Investek) is not a listed company, Yeboa Amoa did not declare that interest on the Council Members' Shareholding Declaration form.

"That neither the GSE's company regulations nor the MD's contract of employment had any clause prohibiting him from making an investment in a private company." "Based on facts available, Council decided that on the whole Yeboa Amoa had not engaged in any unethical conduct as alleged by the complainant."