Proshare Logo
   Market Date: 19-09-2014   
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

Class action suit against Cadbury ââÃÂ

Category: People


  Read (1538)
Class action suit against Cadbury ââÃÂ

The court action instituted against Cadbury Nigeria plc by its share holders will set a trend that will advance capital market development.

This is the consensus as reactions trail the suit filed by a stock broking firm and some 341 shareholders of Cadbury against board and management on allegations of financial misfeasance and falsification of figures in the December 31, 2005 annual reports and accounts of the company.

Those who spoke to BusinessDay commended the move saying it is a good development that would create precedence for the capital market.

Julianne Esuene, a member of the Capital Market Solicitors Association, said \"this is a landmark case, however you look at it. The decision of the court in this matter will trigger new thinking in investor/company relationship. This is more so when you consider the fact that we have never had such matter in our courts before. So there is a major challenge confronting all the parties including the court, the plaintiffs, and the defendants, as each will try to establish its case on a virgin legal platform.

As solicitors with specialisation in the capital market, we eagerly await the outcome.\"

According to Osita Emelieonwu, it is high time corporate leaders knew the extent of their responsibility or liability to all the stakeholders in a company. \"They also have to know what confronts them in the case of corporate failure or such misconduct that impacts on the interest of investors.\"

He felt unhappy that nothing has been done to some of the managing directors or board members of banks could not scale the consolidation exercise on reasons executive mismanagement. \"We hope that this case will open our eyes to what the expectation on executive management should be.\"

Bernard Okwor, an Enugu based lawyer said this is an interesting development and those of us who hold some stakes in the capital market would love to see the outcome.

It is a practical demonstration of the level of expectation that shareholders and investors have on the corporate leadership. It is not just a verbal expression of corporate governance but we have to see it work.\"

A capital market lawyer who spoke on grounds of anonymity said \"this matter will set the precedence on which future and similar matters would be settled. I tell you that this is a major fall out of the rapid growth of the capital market which we have been witnessing and it is good for the market, it is good for the investing public. In the English Law, the matter is covered under the misfeasance law; and we do not have that yet in the country. Lets us hope it will alert the authorities on such legislation.\"

According to a shareholder, \"our market is growing and the shareholders are becoming increasingly aware of their rights. And from now go forward we will continue to demand for these rights as it affects in the capital market.- BusinessDay



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on People

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