SEC sets up committee to investigate Cadbury

Category: Daily & Weekly Market Updates


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SEC sets up committee to investigate Cadbury
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. Ismaila Mohammed Ville, head, corporate affairs SEC, disclosed wednesday in Abuja that the outcome of the investigation of the committee would determine the action that would be taken against the company.
 
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.
 
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. The report showed a significant overstatement of the company’s financial position over a number of years.- BusinessDay

 

EDITORS NOTE: 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.

 



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