Monday, 29 April 2013

SEC suspends Vision Trusts, AIMS Asset from capital market operations over fraud

WorldStage Newsonline-- Nigeria’s Securities and Exchange Commission (SEC), said it has suspended Vision Trusts and Investment Limited and AIMS Asset Management Limited, from participating in capital market activities by the Securities and Exchange Commission (SEC).
The capital market regulator said the suspension also affected individuals sponsored by the companies.
In a notice posted at its website, SEC said that Vision Trust and Investment Limited was suspended as a result of its sale of 131, 868 and 44, 400 units of United Bank for Africa shares belonging to the estate of Animashaun Anjorin without mandate.
The commission pointed out that the firm was given several opportunities to restore the shares to the owner, but it failed to do so, hence the suspension.
Also, AIMS Asset Management Limited was suspended for non-refund of the sum of N300, 000 deposited by an investor under a portfolio investment agreement.

SEC noted the investor had deposited the sum of N300, 000 with the operator under a portfolio investment agreement for a tenor of three years, but at the expiration of the period and despite several demands, the operator failed to pay the investor her invested sum and the returns therein.
The notice said: “Investigation on the matter revealed that the operator invested the investor’s money in the shares of Tetrazzini Foods Limited, a private company whose shares are not traded on the floor of the Nigerian Stock Exchange and which is not regulated by the commission.
“This is contrary to the Portfolio Investment Agreement between the operator and the Investor. The commission had on several occasions directed the operator to resolve the matter and upon its failure/refusal to do so, it was suspended from all capital market activities.”
SEC said that Mr. Adim Jibunoh of Irving Asset and Management Company Limited and Mr. Adewale Akinrele of Cashcraft Assets Management Limited collected the sum of N3,100, 000.00 from an investor with a promise to invest the sum in Investments and Allied Assurance Limited shares during its Private Placement in 2008.
The commission noted that the money was not utilized for the said purpose but converted by the duo for their benefit.
“Despite the undertaking made by Adewale Akinrele in March 2010 to personally refund the said sum and interest at Central Bank of Nigeria Monetary Policy Rate within two months from April 1, 2010 and repeated demands by the commission for the refund, the investor is yet to receive the refund.
“They are by this publication called upon to refund the said sum of N3, 100, 000.00 to the investor.”

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