SEC Postpones Hearing On BGL | Independent Newspapers Limited
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SEC Postpones Hearing On BGL

Posted: Aug 2, 2015 at 2:48 am   /   by   /   comments (0)

The Securities and Exchange Commission (SEC) on Saturday announced the postponement of its Administrative Proceedings Committee hearing on the issues that led to the  recent suspension of BGL Plc, its subsidiaries and officials from all market activities.

In a statement, the SEC management said the decision followed an “ex parte order obtained by the plaintiffs/applicants in SUIT NO: FHC/L/CS/1050/2015 BGL PLC & 12 ORS vs SEC and two others directing that parties maintain the status quo.

Continuing, the statement added that, “the hearing in SEC APC/01//2015 Rivers State Ministry of Finance and 31 others vs BGL PLC and 31 others, earlier scheduled for August 4 and 5, 2015 at the SEC head office, Abuja, “has been postponed to a date to be announced later.”

“The commission wishes to assure all stakeholders and the general public that it is committed to protecting investors and the capital market and to this end will ensure that persons who violate the provisions of the Investments and Securities Act and the Rules and Regulations made pursuant thereto would be sanctioned appropriately,” the statement said.