Cadbury Nigeria Plc

[hispy99]

Originally Posted by billions

u r doing a great work hisspy99.ur reward is not only in heaven but on earth as well.cheers.

Amen, Amen, Amen.

Thank you my brother, we shall all be rewarded in heaven and on earth

[billions]

Originally Posted by hispy99

Amen, Amen, Amen.

Thank you my brother, we shall all be rewarded in heaven and on earth

amen my brother..amen once again.

[hispy99]

Cadbury was today placed on full technical suspension

[hispy99]

The Nigerian Stock Exchange today lifted the full suspension on Cadbury Nigeria Plc.

[hispy99]

Cadbury: Court Affirms SEC’s Decision on Directors
By Davidson Iriekpen, 09.24.2008


A Federal High Court in Lagos yesterday dismissed the application filed by former chairman of Cadbury Nigeria Plc, Mr. Uduimo Itsueli, challenging the decision of the Administrative Proceedings Committee (APC) to investigate the mis-statements in the account of the company.
The panel was constituted by the Securities and Exchange Commission (SEC).

The panel had recommended that Itsueli and an ex-Executive Director of the company, Mr. Olusegun Oyewole, be suspended from operating in the Nigerian capital market.

They were also barred from holding directorship positions in any public company in the country for a period of one year from the date of the decision.

It also referred them to the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.

The applicants had filed separate suits earlier this year, complaining among others, that the SEC committee in arriving at its decisions, denied them fair hearing and had thus, infringed on their right to fair hearing guaranteed by the constitution.

They sought the court's declaration that the decision was a nullity and that the mode and manner it was made violated their right.
They also asked the court to restrain SEC from giving effect to the report by confirming same.

The applicants prayed the court to “nullify and set aside the whole decision” because it violated their constitutional right to fair hearing.

The court in May ordered that both cases be consolidated because they were similar.

Itsueli had in a supporting affidavit wondered why he was also indicted in the said report when he was instrumental to how SEC got to know about the said fraudulent conducts.
He prayed the court to declare that the proceeding leading to the decision was not fair and independent.

In his judgment, presiding judge, Justice Abdullahi Mustapha, held that the applicant could not substantiate the bias allegation levelled against the panel.
He held that the applicant’s rights to fair hearing were not breached by the panel.

Justice Mustapha also held that the decision of the SEC to constitute the panel and the panel’s submissions do not constitute an abuse of the court.

In December 2006, the company had disclosed that it discovered “a significant and deliberate overstatement of Cadbury Nigeria results, which had existed over a number of years”.

Consequently, its Chief Executive Officer, Mr. Bunmi Oni, was sacked by the company's board on December 12, 2006 along with the Finance Director, Ayo Akadiri.

Thereafter, Itsueli, through a letter to the Commission dated November 16, 2006 reported the engagement of an independent firm, PriceWaterhouseCoopers (PWC), to investigate the allegation.
Subsequently, the commission constituted the APC to investigate the matter and confirm the report of mis-statements in the account of the company to the tune of N13 billion.

The panel sat on May 21, 2007, February 13 and 14, 2008 to hear the matter. At its sitting on March 27 and 28, 2008, the committee concluded that Uduimo Itsueli and others, including Olatunde Falase, Raymond Ihyembe, Gabriel Onabote, Olusegun Oyewole, Matthew Shattock, Thomas Ayorinde, Z.C. Enuwa and S.J. Balogun be suspended from operating in the Nigerian capital market.

It confirmed that Oni, in concert with the company’s Board since 2002 used stock buy backs, cost deferrals, trade loading and false suppliers stock certificates to manipulate its financial reports that were issued to the public and filed with the Commission.
Some other directors and officials of the company found culpable were suspended for a period of between three and five years.

The company’s external auditors, AWD, was ordered to pay a fine of N20 million within 21 days of the decision for its failure to handle the accounts of the company with high level of professional diligence failing which its registration with the commission shall be cancelled.
Cadbury was ordered to pay specific fines to the commission.

[hispy99]

Cadbury: Tribunal upholds SEC’s sanctions
By Our Correspondent
Published: Monday, 17 Nov 2008

The Investment and Securities Tribunal on Sunday said that it has upheld the sanctions imposed by the Securities and Exchange Commission on Cadbury Nigeria Plc and its directors for culpability in accounts misstatements of the company between 2002 and 2005.

SEC had on March 28, 2008 imposed sanctions on Cadbury Plc and its directors, reporting accountants and other senior executives based on the outcome of its investigation into the alleged false misrepresentations in the accounts presented to the apex capital market regulatory authority.

Dissatisfied with sanctions imposed Cadbury and its directors Mr. J.S.T Bogunjoko and Mr. Biodun Jaji, had filed appeals to the investment tribunal seeking to turn the decision of SEC.

However, in a statement signed by spokesman of IST, Mr. Kenneth Ezea and made available to our correspondent in Abuja, the tribunal said SEC observed proper procedure before taking its decision and it had the capacity to impose sanctions on the appellants.

Ezea said, “In order to facilitate investigation on the matter, the Administrative Proceedings Committee was set up by the SEC. The appellants were invited to appear before the APC but they challenged its competence to sit and investigate the matter since the APC was set up by the SEC.

“Consequently, they filed an action at the Federal High Court seeking preservative orders to restrain and halt the proceedings. The court granted an interim order but following SEC’s application the order was discharged.

“The APC thereafter went ahead with the proceedings. Still not satisfied, the appellants appeared at the APC’s proceedings of February 13, 2008 and applied for a stay of proceedings pending the determination of the matter before the Federal High Court, which was refused them.”

Consequently, he added, the appellants walked out of the sitting without providing any defence to the allegations raised against them. The APC gave its decisions on the matter on the 27th and 28th of March, 2008 while the appellants and their counsel were absent.