Proshare Logo
   Market Date: 24-10-2014   
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

SEC sets up committee to investigate Cadbury

Category: Daily & Weekly Market Updates


  Read (1013)
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>

 

<DIV class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>&nbsp;</SPAN></DIV>

 

<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>

 

<DIV class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>&nbsp;</SPAN></DIV>

 

<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>

 

<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Daily & Weekly Market Updates

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
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