SEC probes N300mn complaints against Transglobe Investment & Finance

The Securities and Exchange Commission (SEC) is investigating various complaints of over N300 million against Transglobe Investment & Finance Company Ltd, a stockbroking firm.

In a notice issued by the market’s apex regulator at the weekend, the SEC noted that a meeting with the Directors and sponsored Individuals of the firm has been scheduled in a bid to resolve the complaints.

The Commission said it had exchanged several correspondences with Transglobe Investment through its Managing Director, but the company has failed to resolve the complaints.

The commission said as, at July 2016, there were five unresolved complaints still pending against Transglobe Investments involving over N300 million. It extended an invitation to the company’s Directors and sponsored individuals to meet with its officers in order to deliberate on ways of resolving all the outstanding issues.

The commission had placed suspensions and outrightly banned several market operators for being culpable of market infractions in a bid to protect investors in 2016, most recent was the suspension of Heritage Capital Markets Limited- a capital market operator over unauthorized sale of shares.

The firms’ Directors and Sponsored Individuals in connection with the unauthorized sale of shares belonging to an investor and its refusal to comply with the Commission’s directives were the reason for the suspension which the SEC said was indefinite.