аЯрЁБс>ўџ 13ўџџџ0џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅСM №Пqbjbjт=т= %€W€W4<џџџџџџlшшшшшшшќ   8R ^ ќД@† † "Ј Ј Ј Ј Ј Ј 3555555$є  YшЈ Ј Ј Ј Ј Yњ шшЈ Ј nњ њ њ Ј .шЈ шЈ 3њ Ј 3њ фњ оVo@шш3Ј z 0+Е– Хќ ж @Џ 3„0ДЛxД фД3њ ќќшшшшй PRESS RELEASE DISCIPLINARY ACTION AGAINST MR. YEBOA AMOA (FORMER MANAGING DIRECTOR OF GHANA STOCK EXCHANGE) INTRODUCTION The Securities and Exchange Commission wishes to announce for the information of all securities market operators and the general public that following the determination of a complaint of unethical conduct made against Mr. Yeboa Amoa (former Managing Director of the Ghana Stock Exchange), the Commission found Mr. Yeboa Amoa culpable and has accordingly sanctioned him as follows: Mr. Yeboa Amoa is disqualified from serving as a director or officer of a licenced Stock Exchange, Dealer, Investment Adviser, Mutual Fund, Unit Trust or any other institution licenced by the Commission, for a period of six (6) months with effect from 27th March 2003. Mr. Yeboa Amoa has also been reprimanded for his conduct. A brief on events leading up to the Commission’s action is highlighted below. COMPLAINT The Commission received a written complaint on 23rd March 2001 alleging acts of unethical conduct against Mr. Yeboa Amoa. Among other things, it was alleged that while then the Managing Director of the Ghana Stock Exchange (GSE), Mr. Yeboa Amoa established an investment consultancy firm called Investek Consultancy Services Limited (Investek), of which he was the Chairman and a 50% shareholder. It was also alleged that Mr. Yeboa Amoa was running Investek without formally disclosing this fact to the Council of the GSE. It was further alleged that Mr. Yeboa Amoa had used the facilities of the GSE to promote the business of Investek and had on an occasion directed an enquirer who intended doing business in the market to first link up with Investek before contacting the Licenced Dealing Members of the GSE. REFERRAL TO AHC As required under the Securities Industry Law, 1993 PNDCL 333 (the Law), the Director-General conducted investigations into the complaint and after completion of investigations referred the matter to the Administrative Hearings Committee (AHC) of the Commission on 28th October 2002, for determination. The AHC duly examined the matter and found that Mr. Yeboa Amoa, while being the Managing Director of the GSE incorporated Investek and was its Chairman and 50% shareholder, facts not disclosed to the Council of the GSE. It was also found that Mr. Yeboa Amoa was actively involved in the running of Investek and used the facilities of the GSE to promote the interest of Investek. It was found that Mr. Yeboa Amoa, on one occasion directed a potential investor in the market to first link up with Investek before contacting the Licensed Dealing Members of the GSE. In view of the facts as found by the AHC, the AHC concluded that Mr. Yeboa Amoa had promoted his interest in Investek over and above that of the GSE. In the opinion of the AHC, Mr. Yeboa Amoa’s conduct was not an acceptable practice in the industry and fell short of the standard of conduct expected of him as the Managing Director of the GSE. The AHC, therefore, found him culpable and decided that the sanctions as indicated be applied to him. As required under the Law, the AHC referred its decision to the Commission for consideration. DECISION OF THE COMMISION The Commission at its 29th Meeting held on 27th March 2003 considered and approved the decision of the AHC. CONCLUSION The Commission wishes to advise all licenced operators and their agents to conduct their business in conformity with the Law and acceptable practices in the industry. 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