'Serengeti Companies Are Still in Business'

Serengeti Capital Market Limited and Serengeti Asset Management Limited are not among the companies listed by the Securities and Exchanges Commission (SEC) as going on voluntary cassation of business.

A statement issued by the Serengeti Capital Partners Limited in Accra on Friday, said it was misleading and a factual error for the SEC to have added the Serengeti Capital Limited to the list of companies going on voluntary cassation of business in the securities market.

The Serengeti statement is in response to a public notice issued by the SEC on January 29, 2017, listing a number of companies going on voluntary cassation of business that mistakenly included Serengeti Capital Limited.

The facts of the matter, the statement said, were that there is Serengeti Capital Partners Limited, Serengeti Capital Markets Limited and Serengeti Asset Management Limited which belong to the same management.

"In the year 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," Serengeti said.

The SEC notice, the statement disclosed, created the unfortunate impression that the Commission had unilaterally taken a regulatory enforcement action against Serengeti entity whereas the truth remained that Serengeti Asset Management Limited and Serengeti Capital Markets Limited were 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 Limited and Serengeti Capital Markets Limited 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."

Read Full Story