The Federal High Court in Lagos on Thursday validated the suspension of BGL Group from the capital market by the Securities and Exchange Commission (SEC).
Justice Mohammed Yunusa nullified an interim injunction barring SEC from expelling the group from all capital market activities over alleged malpractices.
BGL was accused of owing investors about N5.7billion, including the Rivers State Government.
SEC reportedly received about 40 petitions over BGL’s alleged failure to return investments at maturity.
In its preliminary objection to BGL’s suit, the commission said the group was indebted to investors to the tune of N5, 769,993,553.67 as at June 2.
No comments:
Post a Comment