By Chisomo Phiri

The registrar of  financial institutions has suspended the portfolio manager’s license for Alliance Capital Limited (ACL) on the ground that the company has contravened financial services law.

The suspension has come with pursuant to  section 27(2) (b) of the Financial Services Act ( Cap. 46:05 Laws of Malawi) as read with section 22(2) of Securities Act ( Cap. 46:06 Laws of Malawi).

” The registrar’s decision to suspend the license is intended to safeguard the interests of investors and the general public and to ensure that the company honors its existing obligations to its clients and other creditors”, reads the statement the registrar has issued.

The registrar’s statement further says, during the period of the suspension of the license, the company shall not allowed to accept new business instead, the company will concentrate on repaying the liabilities to investors and other creditors.

The registrar has therefore issued  ancillary directions and reporting obligations on the company aimed at safeguarding clients’ interests.

Alliance capital limited is one of the leading financial institutions in Malawi with unlocking the county’s diverse investment opportunities for economic diversification and sustainable development. It’s main objectives on clients are centred on pension fund assessment management, portifolio management and corporate finance advisory services.