The Securities and Exchange Commission (SEC) has suspended the Cashcraft Asset Management Limited, its Directors and Sponsored Individuals from all capital market activities.
The suspension is as a result of the company’s violation of Section 155 of the ISA 2007 in its management of Anchor and Bedrock Unit Trust Scheme.
The Operator contravened the provisions of the ISA as follows:
- Co-mingling of Funds’ assets with its own
- Violation of the Funds’ Trust Deed and Asset Allocation Policy
- Failure to file the requisite returns to the Commission
- Failure to maintain the relevant records/books for the Funds
- Failure to facilitate the auditing of the Funds’ accounts and consequently hold an AGM
The Operator failed/refused to comply with the Commission’s directive to transfer the management of the Fund to another Fund Manager.
The company, its Directors and Sponsored Individuals shall remain suspended until they are cleared by the Commission.
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