Investment Tribunal gives SEC, others 6 weeks to explore settlement options in disputed shares cases

Posted by Charles Iwuoha, Enugu | 28 March 2019 | 729 times

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The Investments and Securities Tribunal (IST) sitting in Enugu on Wednesday gave parties in an investment and securities case brought before it six weeks to explore options of settlement.

The four-man tribunal panel sat on suit numbers IST/EN/OA/02/2018 and IST/EN/OA/03/2018 involving Dr Chuba Agbim, as claimant, against Securities and Exchange Commission (SEC) and two others in the first case and against SEC and two others in second mentioned case.

Earlier, Mr John Nwakoyo, counsel to SEC for the two cases, noted that the commission had already been contacted by the parties with a view of settlement.

Nwakoyo noted that the commission through its enforcement department had been able to bring together each of the two other defendants in the two matters and the claimant lawyer, Mr K.E. Igwe, to enable complete settlement.

Responding, counsel to claimant, Igwe, noted that his client was not opposed to the resolve of SEC to bring settlement to unauthorised sales of his client’s Vitafoam Plc and First Bank Plc shares.

The Presiding Chairman of the tribunal, Dr Ahmed Abubakar, directed the parties to file a formal written application on their prayers.

“This tribunal adjourns to May 8 for report of the settlement or proceed on definite hearing of the matter,” he said.

The other members of the tribunal include Mr Nosa Osemwengie, Mr Albert Otesile and Mr Edward Ajayi.



Source: News Express

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