A statement signed by the commission says they are under investigation for "numerous pending complaints levelled against them by the investing public bordering on violation of provisions of the Securities Industry Act, 2016 (Act 929)."
The Securities and Exchange Commission has put 10 investment banks under investigation and has subsequently warned the public against dealing with them.
READ MORE: Thousands of Ghanaians lose millions to Savana Brokerage
A statement signed by the commission says they are under investigation for "numerous pending complaints levelled against them by the investing public bordering on violation of provisions of the Securities Industry Act, 2016 (Act 929)."
The are MEC-Ellis Investment Ghana Ltd, Weston Capital Ltd, Brooks Asset Management Ltd, Kamaag Kapital Gh. Ltd. (formerly Lifeline Asset Management Ltd.), MAK Asset Management Ltd, EM Capital Partners Ltd, MET Capital Group Ltd, Canal Capital Ltd, Man Capital Partners Ltd, Alpha Cap Securities Ltd.
"The Commission therefore wishes to inform the general public that anyone who engages in any transaction with any of these companies, could be exposing him/herself to avoidable risk," the statement said.
READ MORE: Minority mounts pressure on Finance minister to resign
"Investigations are ongoing and the public shall be given further notice in due course."
Below is the statement
This Notice is issued pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929).
The Securities and Exchange Commission wishes to bring to the notice of the general public that the underlisted licensed operators engaged in fund management activities in the capital market (Fund Managers), are under investigation for numerous pending complaints levelled against them by the investing public bordering on violation of provisions of the Securities Industry Act, 2016 (Act 929):
MEC-Ellis Investment Ghana Ltd.
Weston Capital Ltd.
Brooks Asset Management Ltd.
Kamaag Kapital Gh. Ltd. (formerly Lifeline Asset Management Ltd.)
MAK Asset Management Ltd.
EM Capital Partners Ltd.
MET Capital Group Ltd.
Canal Capital Ltd.
Man Capital Partners Ltd.
Alpha Cap Securities Ltd.
The Commission therefore wishes to inform the general public that anyone who engages in any transaction with any of these companies, could be exposing him/herself to avoidable risk.
Investigations are ongoing and the public shall be given further notice in due course.
BY ORDER OF THE
SECURITIES AND EXCHANGE COMMISSION
Dated the 8th Day of May, 2018