THE REPUBLIC vs. THE SECURITIES AND EXCHANGE COMMISSION, EX-PARTE FIRSTBANC FINANCIAL SERVICES [2020]DLHC9975

THE REPUBLIC vs. THE SECURITIES AND EXCHANGE COMMISSION, EX-PARTE FIRSTBANC FINA... [2020]DLHC9975

Date	2020-07-29
Suit No.	SUIT NO. GJ/0234/2020
Citation No.	[2020]DLHC9975

HER LADYSHIP JUSTICE ANGELINA MENSAH-HOMIAH (MRS.)

ABU JUAN WITH AKOSUA DUFIE NYAMEKYE FOR THE APPLICANT

GLORIA COFIE WITH SHIRLEY OTU FOR THE RESPONDENT

[2020]DLHC9975
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													<main id="main" class="content" style="min-height: 60rem" >IN THE MATTER OF THE SECURITIES INDUSTRY ACT, 2016 (ACT 929)<o:p></o:p>AND<o:p></o:p>IN THE MATTER OF THE REVOCATION OF THE FUND MANAGEMENT
LICENCE OF FIRSTBANC FINANCIAL SERVICES LIMITED BY THE SECURITIES AND EXCHANGE
COMMISSION<o:p></o:p>AND<o:p></o:p>IN THE MATTER OF AN APPLICATION BY FIRSTBANC FINANCIAL
SERVICES LIMITED FOR JUDICIAL REVIEW<o:p></o:p>AND<o:p></o:p>IN THE MATTER OF:<o:p></o:p>THE REPUBLIC<o:p></o:p>vs.<o:p></o:p>THE SECURITIES AND EXCHANGE COMMISSION<o:p></o:p>(RESPONDENT)<o:p></o:p>EX-PARTE FIRSTBANC FINANCIAL SERVICES<o:p></o:p>(APPLICANT)<o:p></o:p>[HIGH COURT, ACCRA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

</div>COUNSEL:<o:p></o:p>ABU
JUAN WITH AKOSUA DUFIE NYAMEKYE FOR THE APPLICANT <o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

GLORIA COFIE WITH SHIRLEY OTU FOR THE
RESPONDENT <o:p></o:p>

</div>CORAM:<o:p></o:p>HER LADYSHIP JUSTICE ANGELINA
MENSAH-HOMIAH (MRS.)<o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: windowtext; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: windowtext; border-right: none; padding: 1pt 0cm;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:115%;border:none;mso-border-top-alt:solid windowtext 1.5pt;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">RULING<o:p></o:p>

</div>&nbsp;Firstbanc
Financial Services Limited is the Applicant in this Judicial Review application.
The Company was licensed to operate as a Fund Manager by the Respondent. The
Respondent has been described as a statutory body tasked with the
responsibility of regulating and promoting the growth and development of an
efficient, fair and transparent securities market so as to protect investors
and the securities market, in accordance with the Securities Industries Act,
2016 (Act 929).<o:p></o:p>&nbsp;The genesis of this application is the
revocation of the Applicant’s Fund Management Licence issued on 15th
October, 2019 which took a retrospective effect from 1st July, 2019.
The licence was revoked by the Respondent on 8th November, 2019. At
first sight, I got the impression that the Applicant’s initial licence was
issued in 2019, but upon reading paragraph 9 of the supporting affidavit, it
became clear that the Applicant’s fund management operations date back to the
year 2016. The Respondent denied breaching any law or procedural requirements
in revoking the Applicant’s licence.<o:p></o:p>The Applicant set out the grounds upon which the present
application was filed in paragraph 25 of the affidavit in support as follows:<o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That the Respondent breached Applicant’s right to due process and
administrative justice when it failed to accord Applicant a hearing with regard
to the complaints contrary to Article 23 of the 1992 Constitution, Sections
19,20,21 and 22 of the Securities Industry Act, 2016 (Act 929).<o:p></o:p>