By Peter Egwuatu
The Securities and Exchange Commission, SEC, yesterday fined BGL Securities Limited, BGL Assets Management Limited and their sponsored individuals for various breaches of market rules, which adversely affect investing public confidence.
The commission said that it received several complaints against the 1st and 2nd Respondent over failure, refusal and /or neglect to liquidate their investment in both the Guaranteed Notes (GCN) and Guaranteed Premium Notes (GPN).
According to the commission “It was discovered that the indebtedness of the 1st and 2nd respondent to the complaints stood at N2,184,474,991.65. It was also revealed that act was carried out through the 3rd to 23rd Respondents.”
The commission in its ruling said: “In a bid to obtain justice for the complaints and grant all parties fair hearing, the matter was presented before the Administrative Proceedings Committee, APC of the commission. Upon confirmation that all parties to the matter had been served hearing notices, the SEC APC sat and heard the matter on February 6, 2016. During the proceedings testimonies and documentary evidence were tendered by various parties.”