SEC sets up committee to investigate Cadbury

SEC sets up committee to investigate Cadbury

January 13, 2007

 

 

<DIV class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>The Security and Exchange Commission (SEC) has set up a committee to investigate the alleged falsification of records by Bunmi Oni-led management team of Cadbury Nigeria plc. </SPAN><SPAN lang=EN-GB>Ismaila Mohammed Ville, head, corporate affairs SEC, disclosed wednesday in </SPAN><?xml:namespace prefix = st1 ns = \"urn:schemas-microsoft-com:office:smarttags\" /><st1:City><st1:place><SPAN lang=EN-GB>Abuja</SPAN></st1:place></st1:City><SPAN lang=EN-GB> that the outcome of the investigation of the committee would determine the action that would be taken against the company. </SPAN></DIV>

 

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<DIV class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>It would be recalled that PriceWaterHouseCoopers, an accounting firm appointed by the board of the company to investigate its accounts, alleged that the company’s financial statement was overstated. </SPAN></DIV>

 

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<DIV class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>The resultant effect on Cadbury is the loss of euro5-million to euro10-million (N1.23billion-N2.46billion). The report submitted to the board of the company led to the sacking of Bunmi Oni, managing director and Ayo Akadiri, financial director.&nbsp;</SPAN><SPAN lang=EN-GB>The report showed a significant overstatement of the company’s financial position over a number of years.<SPAN style=\"FONT-SIZE: 10pt\"><I><SPAN style=\"FONT-SIZE: 10pt; COLOR: #999999\">- BusinessDay</SPAN></I></SPAN></SPAN></DIV>

 

<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><?xml:namespace prefix = o ns = \"urn:schemas-microsoft-com:office:office\" /><o:p>&nbsp;</o:p></SPAN></P>

 

<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><I><SPAN lang=EN-GB style=\"FONT-SIZE: 10pt; BACKGROUND: maroon; COLOR: white; mso-highlight: maroon\">EDITORS NOTE:</SPAN></I><I><SPAN lang=EN-GB style=\"FONT-SIZE: 10pt; COLOR: white\"> </SPAN></I><SPAN lang=EN-GB>It is instructive to note that the NSE has barred the ex MD/CEO and Financial Director from ever holding any directorship of any company quoted on the stock exchange.</SPAN></P>

 

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