The
Securities and Exchange Commission (SEC), says BGL Securities Limited, BGL
Capital Limited, BGL Asset Management Limited, all BGL Group sponsored
individuals and the Managing Director of the group, Mr. Albert Okumagba
remained suspended from all capital market activities.
The
Commission which stated this in a statement in Abuja, also invited the
management of the company to appear before the SEC Administrative Proceedings
Committee (APC) sitting slated for August 4th and 5th 2015 to explain the
allegations of capital market infractions against the group.
SEC
had suspended BGL from operating in the market over market infractions
two months. The statement further stated SEC received over 40 letters of
investor complaints against BGL Group Plc alleging indebtedness to the tune of
about N5.8 billion.
The
commission added that the Group has significant liquidity challenges making it
unable to meet its responsibilities towards clients and investors as evidenced
by over N11 billion in unpaid matured funds to investors.
No comments:
Post a Comment