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Former GOIL MD-linked Securities Trader Kicked-Off Local Bourse

7 months ago
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Former GOIL MD-linked Securities Trader Kicked-Off Local Bourse

The Ghana Stock Exchange (GSE) has announced the immediate expulsion of Worldwide Securities Limited (WSL) from its Licensed Dealing Membership (LDM) due to multiple regulatory breaches.

According to a statement from the Exchange, WSL’s expulsion was necessitated by its failure to:

  • Renew its Broker-Dealer license with the Securities and Exchange Commission (SEC), as required by Rule 9(2)(e) of the Exchange’s Dealing Membership Rules.
  • Fulfill its financial obligations to the Exchange, violating Rule 9(2)(b).
  • Maintain the requisite staff to operate its business, breaching Rules 6(j) and 6(k).
  • Actively engage in its broker-dealer business at an acceptable level, contravening Rule 6(L).

Following this decision, WSL is now barred from opening and operating brokerage and investment accounts for the public, dealing in securities on any of the Exchange’s markets, and presenting itself as a member of the Exchange.

The GSE has advised clients of WSL to contact the Exchange for assistance in transferring their securities accounts and holdings to other Licensed Dealing Members of their choice.

This expulsion underscores the Exchange’s commitment to enforcing regulatory compliance and maintaining the integrity of Ghana’s capital markets.

Worldwide Securities Limited incorporated in the year 2000, has a stated capital of GHS 1.24 million.

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Directors of the firm per information available on the GSE portal, include former Managing Director of GOIL, Yaw Agyeman Duah.

Other directors include Percy Amoo-Yankey, Isaac Tetteh, and Kwame Agyeman Budu.

Worldwide Securities Limited prior to their expulsion offered services that included stock brokerage, investment advisory services, corporate finance, capital and money market analysis and research, and asset and funds management.

Companies sponsored to the GSE by Worldwide Securities Limited include Ayrton Drugs Manufacturing, Starwin Products (now Dannex Ayrton Starwin Plc), and Tranactions Solutions Ghana.

 

Tags: Ghana Stock ExchangeGhana Stock Exchange Expels Worldwide Securities Limited From Trading on Bourse Over Regulatory ViolationsRegulatory ViolationsWorldwide Securities Limited

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