The people responsible for the collapse of some 53 fund management companies should be held accountable and sanctioned for their roles, financial analyst Dr Julius Kattah has admonished.

The Securities and Exchange Commission (SEC) revoked the licences of the firms on Friday, 8 November 2019.

Among the companies affected were Dr Papa Kwesi Nduom’s Blackshield (formerly Gold Coast Fund Management).

Dr Kattah, who was speaking on the development in an interview with Benjamin Akakpo on Class91.3FM’s Executive Breakfast Show, stated: “Those who caused whatever must be taken to account. You know that in an adage, we say: ‘When a fish is about to get spoilt, it starts from the head’”.

Dr Kattah did not absorb SEC of blame as he emphasised: “Where is this thing coming from? It is coming from the regulators”.

He wondered what systems have been put in place to ensure that fund managers have workable plans to ensure that they meet the obligations of investors.

“What due diligence have you done to know that these people will have a sustainable trend of managing people’s fund?” he questioned.

Meanwhile, SEC has asked the affected clients to remain calm as they work out a plan to have their locked-up investments reimbursed.