Proshare Logo
   Market Date: 25-07-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Wealthgate Multibiz International Ltd VS SEC & CBN

Category: Regulators


  Read (1518)
Wealthgate Multibiz International Ltd VS SEC & CBN

 

01-Jan-2008
SUIT NO. FHC/MN/CS/15/08
The Plaintiff filed this action at the Federal High Court Minna, Niger State, against the Commission and the Central Bank of Nigeria (CBN) by an originating summons dated April 30, 2008. The Plaintiff is one of the respondents amongst the 37 illegal Fund managers sued by the Commission at the Investments and Securities Tribunal (IST) in SEC VS ALLGREEN & 37 ORS In the originating summons, the Plaintiff is claiming the following reliefs: 
1. A declaration that in so far as the Commission’s requirement for registration as fund/portfolio manager includes submission of applicant’s latest audited accounts/statements of affairs of the Plaintiff’s business preceeding the said registration is not illegal.
2. An order of court restraining the Commission from interfering with the business activities of the Plaintiff as a fund/portfolio manager on the ground of non-registration.
3. An order directing the Commission to retract its earlier publication in a daily newspaper that the Plaintiff is an illegal operator in the capital market.
In support of the originating summons, the Plaintiff sworn to a 17 paragraphs affidavit and exhibited their MEMART and further deposed that they have taken all necessary steps of registration as fund managers and it was the Commission that required them to carry on pre-registration business activities as a fund manager for the purpose of fulfillment and submission of Audited accounts/statement of affairs in order to ascertain profit of the company. The Plaintiff further filed a Motion on Notice dated May 13, 2008 which is slated for hearing on Wednesday 21st June 2008.
In the Motion on Notice the Applicant is praying the court for the following reliefs:
1. An order of interlocutory injunction restraining the Commission and the other respondents from harassing or arresting the Plaintiff’s staff or directors in the course of carrying on its activities as fund/portfolio managers or in any way interfering with the said business as to cause same to cease or to be suspended until the determination of the substantive suit.
 Source: Securities & Exchange Commission Nigeria (SEC)
 


Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Regulators

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint