System Capital Management or SCM (Ukrainian: Систем Кепітал Менеджмент) is a Ukrainian company that belongs to local tycoonRinat Akhmetov and controls his stakes in companies in the country and around the world. Particularly, SCM controls large steel and mining (both iron ore and coal) companies in Eastern Ukraine. A business magnate, sometimes referred to as a mogul or a tycoon, is a person who controls a large portion of a particular industry and whose wealth derives primarily from said control. ... Rinat Akhmetov is the richest Ukrainian business oligarch. ... The old steel cable of a colliery winding tower Steel is a metal alloy whose major component is iron, with carbon being the primary alloying material. ... The El Chino Mine located near Silver City, New Mexico is an open-pit copper mine Mining is the extraction of valuable minerals or other geological materials from the earth, usually (but not always) from an ore body, vein, or (coal) seam. ... This heap of iron ore pellets will be used in steel production. ... Coal is a fossil fuel extracted from the ground by deep mining, coal mining (open-pit mining or strip mining). ...
SCM failed to disclose Canary's trading agreement, and the inherent conflicts of interest involved in allowing such trading, and Strong and SCM failed to disclose Strong's frequent trading activities, to the Boards of Directors of the Strong funds or to the shareholders of the frequently traded funds.
SCM failed to disclose to the funds' boards or shareholders the conflicts of interest created by the trading agreement with Canary and Strong's frequent trading in the Discovery Fund while he acted as the fund's portfolio manager.
SCM and SII shall require that, at the conclusion of the review, which in no event shall be more than 120 days after the date of entry of the Order, the Independent Compliance Consultant shall submit a Report to SCM, SII, the Directors of the Strong funds, and the staff of the Commission.
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