The Administrative Proceedings Committee, APC, of the Securities and Exchange Commission, SEC, yesterday, cancelled the registration of Sterling Registrar Limited, a subsidiary of Sterling Bank Plc, for unlawful allotment of shares of Japaul Oil & Maritime Services Plc.
The commission also barred Kalstead Farms and five people, including staff of Sterling Registrar from engaging in capital market activities for specified period.
Furthermore, it imposed N5million fines on Sterling Registrar and ordered it to pay N5,000 from the day of the illegal allotment (6th May 2008) to the date the decision was made, even as the case has been referred to law enforcement for action.
SEC also said that 1st Sterling Registrar issued questionable return money warrants of N445, 867.71 and N791, 447.32 respectively to Mr. Akin Ekundayo and Aina Folasade.
In the rulings, the SEC said that Sterling Registrar colluded with Mr. Kolawole Teluwo to allot Japaul Oil shares to an unregistered company, Kalstaed Farm Investment.
Consequently, Kalstead Farms Investment Ltd, the company, unlawfully allotted shares in irregular transaction.
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