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SUIT NO. AP 22/2006 REPUBLIC V. SEC: EX PARTE THINKGHANA
SUBJECT MATTER
The Securities and Exchange Commission contested an application for Mandamus brought against it in March 2006 by Think Ghana Ltd. in the case of Republic v. SEC: Ex Parte ThinkGhana.
ISSUES
- Whether SEC had failed to investigate the complaint lodged before the SEC by ThinkGhana. Ltd.
- Whether mandamus was the proper remedy should SEC be found to have failed in its duty to investigate ThinkGhana Ltd.’s complaint.
GRIEVANCE
- ThinkGhana’s grievance against the Commission was that ThinkGhana had brought a complaint to SEC which SEC had dismissed as unmeritorious.
- ThinkGhana complained that SEC had failed to investigate its complaint and further had failed to refer the matter to SEC’s Administrative Hearing Committee (AHC).
SEC’s POSITION
- SEC countered that it had at all times handled Think Ghana’s complaint in accordance with the Securities Industry Law, 1993 (PNDCL 333) as amended, and further that SEC was not bound to refer every complaint to the AHC.
- SEC explained to the Honourable Court that the Director-General was required under Securities Industry (Amendment) Act, 2000 (Act 590) to investigate the matter and either settle or dismiss it as the facts warranted.
OUTCOME
- The complainant sought an order of mandamus from the court to compel SEC’s AHC to hear the matter. The applicant sought inter alia that SEC declare the merger of the two companies contrary to the provisions of the law.
- SEC opposed the application for mandamus.
- The applicant discontinued its application per Notice of Discontinuance on January 4th 2007 after the Motion was argued and before the judge could deliver his ruling.
- The judge accordingly struck the matter out as withdrawn on 17th January 2007.
Securities
and Exchange Commission
1st Floor, State Enterprises Comm. Building
Private Mail Bag, Ministries Post Office,
Accra, Ghana.
Tel:
233-21-669019 / 233-21-7010476
Fax: 233-21-7010477 / 669588
Email: info@secghana.org