An Africa-focused investment bank, Serengeti Capital Market limited and Serengeti Asset Management Limited have denied media reports that they are among companies listed by the Securities and Exchanges Commission (SEC) as going on voluntary cessation of business.
A statement issued by the Serengeti Capital Partners limited in Accra last Friday, said it was misleading and a factual error for the Securities and Exchange Commission to have added the Serengeti Capital Limited to the list of companies going on voluntary cessation of business in the Securities market.
The Serengeti statement is in response to a Public Notice issued by the Securities and Exchanges Commission on January 29, 2017 listing a number of companies going on ‘voluntary cessation of business’ that mistakenly included Serengeti Capital Limited.
The facts of the matter, the statement said, were that there is Serengeti Capital Partners Ltd, Serengeti Capital Markets Ltd. and Serengeti Asset Management Ltd which belong to same Management.
According to the statement, in 2016/2017, Management declined to renew a license because two of the companies had overlapping licenses.
This was to avoid a needless duplication of licenses and functions and dutifully informed SEC about the decision.
The SEC Notice, the statement disclosed, created the unfortunate impression that the Commission had unilaterally taken a regulatory enforcement action against a Serengeti entity whereas the truth remains that Serengeti Asset Management Ltd and Serengeti Capital Markets Ltd are duly licensed and in good standing with SEC to operate in the Capital and Securities markets.
The statement concluded that ‘for purposes of emphasis, the public, especially the clients of Serengeti Asset Management Ltd. and Serengeti Capital Markets are hereby assured that the two companies remain in business, are in good standing with all relevant regulatory bodies, and continue to provide Fund Management, Asset Management, Brokerage and Investment Advisory Services.