The licence of Bramer Asset Management (BAM) has been revoked, as announced by the Financial Services Commission (FSC).
Yet another to go. The licence of Bramer Asset Management (BAM) has been revoked as well. Financial Services Commission (FSC) has informed of the recent development in a communiqué issued today, 9th of April. BAM is a subsidiary group of the British American Investment (BAI) of Dawood Rawat; it is known for managing investments worth around Rs 6 billion.
All the funds that BAM had put at the disposal of its clients have been frozen. The frozen investment funds include ALEEF, Bramer Property Fund, Emerging Africa Bond Fund and Hennessy Investment Trust.
The FSC called for two of the members of the group, André Bonieux and Mushtaq Osman to evaluate the situation.
The motivation behind revoking the licence of the BAM has not been revealed by FSC.