SEC Recovers Certificates From ACMCL

Securities and Exchange Commission (SEC) has urged clients of Alliance Capital Management Company Limited (ACMCL) that the Commission has in its custody 1,662 share certificates recovered from the company.

As a result, clients of ACMCL were advised to visit the Commission’s website for their names verification after which they could visit the Commission’s Head office or any of its zonal offices to collect their certificates.

It would be recalled that SEC received about 250 complaints against ACMCL between June 2007 and March 2010 which included failure/refusal/neglect to forward to registrars, certificates received from investors/clients for verification and lodgement with the Central Securities Clearing System (CSCS).

The commission conducted preliminary investigations and referred them to the Administrative Proceedings Committee ( APC) and barred the Managing Director, Edward Koki from participating in the capital market for life, and in line with SEC Rules and Regulations 2007, the operator’s license was withdrawn by the Commission.

SEC’s intervened and recovered 1,662 share certificates that belong to investors from ACMCL premises and has opened a three months window for the owners to come for them.

The commission said collection would be between April 8 and July 8, 2016, exactly three (3) months from the date of the announcement.

“Please be advised to go 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,” the statement added.