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Cadbury: Tribunal upholds SECâââÃ

Category: Frauds & Scandals

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Cadbury: Tribunal upholds SECâââÃ

The Investment and Securities Tribunal on Sunday said that it has upheld the sanctions imposed by the Securities and Exchange Commission on Cadbury Nigeria Plc and its directors for culpability in accounts misstatements of the company between 2002 and 2005.


SEC had on March 28, 2008 imposed sanctions on Cadbury Plc and its directors, reporting accountants and other senior executives based on the outcome of its investigation into the alleged false misrepresentations in the accounts presented to the apex capital market regulatory authority.


Dissatisfied with sanctions imposed Cadbury and its directors Mr. J.S.T Bogunjoko and Mr. Biodun Jaji, had filed appeals to the investment tribunal seeking to turn the decision of SEC.


However, in a statement signed by spokesman of IST, Mr. Kenneth Ezea and made available to our correspondent in Abuja, the tribunal said SEC observed proper procedure before taking its decision and it had the capacity to impose sanctions on the appellants.


Ezea said, “In order to facilitate investigation on the matter, the Administrative Proceedings Committee was set up by the SEC. The appellants were invited to appear before the APC but they challenged its competence to sit and investigate the matter since the APC was set up by the SEC.


“Consequently, they filed an action at the Federal High Court seeking preservative orders to restrain and halt the proceedings. The court granted an interim order but following SEC’s application the order was discharged.


“The APC thereafter went ahead with the proceedings. Still not satisfied, the appellants appeared at the APC’s proceedings of February 13, 2008 and applied for a stay of proceedings pending the determination of the matter before the Federal High Court, which was refused them.”


Consequently, he added, the appellants walked out of the sitting without providing any defence to the allegations raised against them. The APC gave its decisions on the matter on the 27th and 28th of March, 2008 while the appellants and their counsel were absent. - Punch


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