News
GSE revokes licences of two companies
The Ghana Stock Exchange (GSE) has revoked the licences of Liberty Securities Limited (LSL) and First Atlantic Brokerage Limited (FABL).
According to the GSE, the decision to expel the two companies was due to the various infractions with respect to rules of operations on the exchange.
A press statement issued by the GSE said LSL and FABL would not be able to execute trades on the market, provide advisory services to clients on capital market issues, and hold in lien or in trust clients’ accounts or their security holdings, in accordance to Rule 78 of the GSE Dealing Membership Rules.
Rule 78 of the GSE Dealing Membership Rules requires a member of the Exchange to comply with the prevailing requirements of the Securities and Exchange Commission in respect of capital, liquidity, reports and returns.
In the case of FABL, the regulator noted that, the company had operated without an Authorised Dealing Officer (ADO) for more than three months.
In addition, the company’s financial status showed a significant deterioration in its operations, resulting in successive negative returns which have eroded shareholders’ funds, the statement said.
The FABL is in breach of regulation 22 of the SEC Regulations, 2003 (L.I. 1728), which requires a Broker-Dealer to maintain at any given time, minimum liquid fund amounting to at least 20 per cent of the aggregate indebtedness of the Broker-Dealer, the statement added.
Similarly, LSL were found to be operating without an ADO for more than three months, contrary to Rule 6(j) of the GSE Dealing Membership Rules.
Moreover, they had low net shareholders’ fund balance and low liquidity position and had been inactive on the market due to the lack of ADO to execute trades.
For customers of the now defunct stock traders, the Exchange said procedures have been provided for them to transfer their security accounts and security holdings to any LDM of their choice.
The GSE had also provided a help desk or a correspondence officer to each LDM to respond to clients’ issues.
Source: Ghanaian Times
The New Patriotic Party (NPP) says it has successfully conducted constituency executive elections in 245 out of its 276 constituencies across the country.
The party’s General Secretary, Justin Kodua Frimpong, said the exercise recorded an 88.7 per cent success rate and was conducted peacefully in the constituencies where voting took place.
In an update posted on his Facebook page, he said elections in 23 constituencies were put on hold because of various disputes.
He added that four constituencies Ningo Prampram, Atwima Mponua, Obuasi West and Trobu could not hold their elections due to last minute challenges.
According to him, the party’s National Steering Committee will also review election activities in Afigya Sekyere East, Adansi Asokwa, Bantama and Asante Akyem Central.
Mr Frimpong said the National Secretariat is committed to resolving all outstanding issues to ensure the successful completion of the constituency executive elections.
He expressed appreciation to members of the party for their support and discipline throughout the exercise.
“We extend our sincere appreciation to all Patriots for their commitment, discipline, and support, which contributed to the successful conduct of these elections,” he stated.
By: Jacob Aggrey
The Northern Regional Police Command has arrested two Nigerian nationals in connection with the murder of a 36-year-old Nigerian man at Sanzirigu in Tamale.
The suspects, identified as Daniel Victor Eze and David Oko Ewa, were arrested on Saturday, July 11, shortly after the body of Nkemujika Uzorchuku Eze was found in his bedroom.
According to the Police, preliminary investigations showed that the deceased lived in a three-bedroom apartment with his wife, Peace Uzorchuku, the two suspects and another Nigerian national, Godwin Nwafor.
The Police said officers began investigations after receiving a report that the deceased had been found lying in a pool of blood in his room.
A team that visited the scene found that he had suffered a deep cut to the forehead and had a towel stuffed into his mouth. The room had also been ransacked.
The Police said a wooden pestle believed to have been used in the attack, together with other items, was recovered from the scene for forensic examination.
The body was taken to the Tamale Teaching Hospital, where a medical officer confirmed him dead before it was deposited at the hospital mortuary for preservation and an autopsy.
According to the Police, intelligence-led operations led to the arrest of the two suspects at Tatale on the same day while they were allegedly attempting to escape into the Republic of Togo.
They were later handed over to the Tamale District Criminal Investigations Department to assist with investigations.
The Police said the suspects allegedly admitted during interrogation that they had conspired to kill the deceased because he had been withholding money they claimed was obtained through internet fraud.
A search conducted after their arrest led to the recovery of several items suspected to have been stolen from the deceased’s room, including mobile phones, laptop computers, a tablet, jewellery, clothing, wristwatches, personal documents and other valuables. The Police said the items have been kept as exhibits to support the investigations.
The suspects remain in Police custody and are expected to appear before court on Monday, July 13, to facilitate the ongoing investigations.
The Northern Regional Police Command said it remains committed to bringing everyone involved in the crime to justice and urged the public to provide credible information to help fight crime.
By: Jacob Aggrey
