Investments & Securities Tribunal to rule on parties’ request for out-of-court settlement in suits over shares, annuity scheme

Posted by Charles Iwuoha, Enugu | 13 February 2019 | 1,503 times

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The Investments and Securities Tribunal, Port Harcourt Zone, on Monday adjourned to April 3 to adjudicate on reports of out-of-court settlement brought before it.

The Onyemachi Elujekor-led 4-member tribunal, which sat in Port Harcourt, gave the ruling after hearing two separate matters brought before it by affected parties. The first matter was brought by Mr Opereke Bobo-Jama against PAC Securities Ltd and the Securities and Exchange Commission (SEC).

The applicant is seeking for an order by the tribunal to restore his shares and those of his father, the late Dr Bobo-Jama.

He also sought for an alternative order by the tribunal to cause the respondents to effect the payment of N24 million to the applicant.

According to the applicant, the amount represents the value of his stock and that of his late father as of February 26, 2014 when they were sold.

Opereke Bobo-Jama also sought for an order restoring all bonus shares and dividends from 2014 till date; interest at the rate of 10 per cent of the judgment sum from the date of the judgment until final liquidation.

He equally prayed the tribunal to direct the 2nd respondent to settle the claims of the applicant from Investors Protection Fund.

The second matter heard by the tribunal was filed by Mr Ikekhua Kayode against Cashcraft Asset Management Ltd, Cashcraft Capital Ltd and SEC.

The claimant had told the court that the first and second defendants breached the contract with the claimant with respect to Personal Earnings Annuity Scheme (PEA) he entered into with them which was determined at the instance with the claimant.

He sought an order paying the claimant N8 million as his entitlements from his savings with the first and second defendants for the four year period the PEA scheme lasted (2013-2017).

He also sought the tribunal’s order paying the claimant N90,200 as interest accrued as the main sum, monthly, from March 2017 until judgement is delivered by the first and second defendant.

He also sought the tribunal’s order that N3.320 million be paid him as cost of legal fees and N20 million as general damages.

The parties in the matter who all opted for out of court settlement told the tribunal that if such options failed they could then come for hearing at the tribunal.

The tribunal’s Presiding Chairman also ruled that at the next adjourned date, the panel would proceed to hear the matter if parties failed to settle out-of-court as agreed.

He also directed parties in the matter to file all necessary processes before the next adjourned date so that in cases where settlement broke down, the matter would be heard without further delays.

Other members of the tribunal at Thursday’s hearing were: Abubakar Ahmed, Albert Otesile and Mamman Zargana.

The tribunal’s primary objectives include timely and efficient resolution of investments and capital market disputes with fairness, flexibility and transparency.

Parties can apply to settle the proceedings “out of court” if they all make a request and consent in writing to the tribunal.

Source: News Express

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