Cadbury Plc placed on full suspension
July 20th, 2008 Tunde Brown || tunde.brown@stockmarketnigeria.com
Recent developments have revealed that the last has not been heard of the Cadbury Plc’s financial misstatement saga that was uncovered about two years ago, involving its former Managing Director, Financial Controller and some other principal officers. The Investment and Securities Tribunal, last week enforced a full suspension sanction on the company’s shares. This sanction was initially intended by the Securities and Exchange Commission, but countered by the Nigerian Stock Exchange for lack of a legal backing. However, the Investment and Securities Tribunal, a court of competent jurisdiction on investment matters has imposed the penalty, leaving the Nigerian Stock Exchange with no other option but to consent.
Nevertheless, Cadbury Plc has stated that ever since the misstatement matters came into the limelight, the company had consistently cooperated with the regulators, and would continue to search for justice through the law courts.
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