Nduom’s Gold Coast Fund Management licence withdrawn

The Securities and Exchange Commission (SEC) has with effect from today revoked the licences of 53 fund management companies.
These actions, the commission says, were taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2016 (Act 929) which authorises it to revoke the licence of a market operator.
The companies include Blackshield Capital Management Limited formerly Gold Coast Fund Management Limited, a Groupe Nduom subsidiaries.
It was incorporated on the 12th August, 1993 prior to the passage of the Act and was licensed by the commission on 12th August, 2013. On 11th July, 2019, the firm changed its name to Blackshield Capital Management Limited.
The specific issues that led to the revocation of its licence included the failure to honour clients’ redemption requests, placement of client funds with related parties without proper due diligence and the requisite standard of professional conduct.
The commission says the company was also advertising of an unapproved investment product, Cardinal Master Trust in contravention of
Securities Industry Act, 2016 (929) and Securities and Exchange Commission Regulations, 2003 (LI 1728).

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