This serves to inform the Public that pursuant to Section 11(4) of the Securities Act, No.41 of 2016, the Securities and Exchange Commission (“SEC”) has temporarily taken possession of the affairs of Madison Asset Management Company Limited (“MAMCo”), a SEC-licensed entity, with effect from 2nd March 2020.
The SEC is empowered under Section 11 of the Securities Act to take possession of a licensee under prescribed circumstances, including where the licensee has failed to comply with an order or directive of the Commission. The SEC’s objective for taking the supervisory action is to ascertain the state of affairs of MAMCO, safeguard the interests of the investing public and ensure compliance with the Securities Act. The possession of MAMCo will be jointly managed by Mr. Abraham Alutuli and Mrs. Sibajene Zulu, the SEC-appointed Joint Interim Managers.
All queries from creditors and other interested parties should be forwarded to the Joint Interim Managers whose address is as follows:
The Joint Interim Managers (without personal liability)
Madison Asset Management Company Limited
C/O Securities and Exchange Commission
Plot 3827 Parliament Road
P. O. Box 32379
LUSAKA
SEC reiterates that the taking of supervisory action over MAMCO has been necessitated by its investor protection mandate.
ISSUED: 7 March 2020
Phillip K. Chitalu
CHIEF EXECUTIVE OFFICER
SECURITIES AND EXCHANGE COMMISSION
Tel: 227012/222368/222369/226386
Fax: 225443
Email: info@seczambia.org.zm
