SEC recovers 1,662 investors share certificates from ACMCL

The Securities and Exchange Commission (SEC) has announced that it has recovered 1,662 share certificates from Alliance Capital Management Company Limited (ACMCL), urging the company's investors to come forward and claim their certificates.

Clients of ACMCL are also advised to visit the Commission's website for their names and thereafter visit the Commission's Head office or any of its zonal offices nearest to them to collect their certificates .

SEC had received about 250 complaints against ACMCL between June 2007 and March 2010, bothering on failure, refusal, and neglect to forward to Registrars, certificates received from Investors/Clients for verification and lodgment in the Central Securities Clearing System (CSCS).

The Commission conducted preliminary investigation and the matter was referred to the Administrative Proceedings Committee, which disqualified the Managing Director, Edward Koki from participating in the capital market for life in line with the Provisions of Rule 20 (B) of SEC Rules and Regulations 2007. The operator's license was also withdrawn by the Commission.

The Commission subsequently recovered the 1,662 share certificates belonging to various investors from the firm.
According to SEC, the collection period, which started from April 8, 2016, will lasts till July 8, 2016, which is exactly three months from the date of the announcement.

"Please you are advised to come with proof of ownership and a valid means of identification such as international passport, driver's license, national I.D card or permanent voter's card," SEC advises.

Source:© Copyright Guardian Online