SUIT NO. IST/OA/17/07
The IST delivered its judgment on July 3, 2008 and held as follows:
1.That the cases against the 11th respondent, Multimedia Enhanced-Lynk Ltd, 20th respondent, Proven Insight Consultants Ltd & 44th respondent, Kakawa Discount House Ltd is hereby dismissed for want of evidence and the earlier interim order issued against them was vacated.
2.That the 1st – 8th, 10th, 12th, 14th – 19th, 21st – 32nd, 34th & 35th respondents respectively were restrained from carrying on business as fund managers.
3.That SEC and CBN should determine the status of all the investors’ funds kept in the custody of the 37th – 43rd and 45th – 54th respondent banks by the 9 respondents in the matter.
4.That SEC should take custody of the investors’ funds in respect of the respondents named in paragraph 2 above, for the benefit of the investors.
5.That SEC is authorized to withdraw and release to all confirmed investors the said funds found in the possession of the 37th – 43rd & 45th – 54th respondent banks.
6.That the 1st – 8th, 10th, 12th, 14th – 19th, 21st – 32nd, 34th & 35th respondents respectively were restrained from operating and/or withdrawing money from their accounts in all banks and companies in Nigeria.
7.There was no order as to costs.
Source: Securities & Exchange Commission Nigeria (SEC)