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Investors & Trust CO. LTD VS SEC

Category: Regulators


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Investors & Trust CO. LTD VS SEC

 

APPEAL NO. IST/LA/APP/02/08
The Commission has been served with a Notice of Appeal filed at the Investments and Securities Tribunal (IST), Lagos, against the decision of the APC delivered in case No. APC/21/2002, involving SEC Vs Bonkolans Investment Ltd & Ors dated January 30, 2008. By the Notice of Appeal filed, the appellant is dissatisfied with the decisions of the APC of the Commission. In the particulars of error, the appellant alleged that the APC erred in law by upholding that the appellant transacted in some shares in which the true identity of the beneficiaries were not disclosed while the owner was clearly identified through the following process:
(a)the CSCS statement issued in his name;
 (b)the client's international passport to ensure his facial identity as well as to match his names with what was shown on his CSCS statement;
 (c)the client's personal handwriting authorizing the transaction through the appellant;
 (d)payment was made to the client by a crossed-cheque disclosing his personal account details. The appellant further alleged that the APC erred by upholding that it transacted on those shares belonging to its client without any instruction or approval by them while the APC failed to consider that approval and mandate to deal with those shares by the beneficiary was from the identification made through CSCS statement of identity.
The appellant also alleged that the APC of the Commission erred in law for its failure to consider the evidence presented before it having regard to the fact that the statement sworn to by Mr. Ilaka Yusuf, its chief Operating Officer and other documents tendered by it were not considered and admitted in evidence. In the particulars of error, the appellant further alleged that the APC erred when it directed that:
 1.the appellant shall pay a penalty of N5,000 per day from 15th February 2001 to May 20, 2007 for failure to inform the Commission of the fraudulent acts/misconduct of staff of the company;
 2.the appellant shall pay the sum of N250,000 as cost of proceedings to the Commission for the administrative hearing, failing which it would be liable to pay a fine of N1,000 per day until the cost is paid;
 3.the order of the APC to award cost against the appellant is not only unjustifiable but acted when it has no power to do so under any law.
 Source: Securities & Exchange Commission Nigeria (SEC)


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