{"id":97696,"date":"2015-03-09T11:35:59","date_gmt":"2015-03-09T11:35:59","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=97696"},"modified":"2015-03-09T11:35:59","modified_gmt":"2015-03-09T11:35:59","slug":"sec-orders-republic-bank-to-pay-gh%c2%a21m-for-takeover-breach","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/03\/sec-orders-republic-bank-to-pay-gh%c2%a21m-for-takeover-breach\/","title":{"rendered":"SEC orders Republic bank to pay GH\u00a21m for takeover breach"},"content":{"rendered":"
The Securities and Exchange Commission (SEC) has cleared Republic Bank of Trinidad and Tobago on allegations of insider trading, but has ordered the bank to pay one million Ghana cedis as settlement for breaching the takeover code.<\/p>\n
[contextly_sidebar id=”Oq05JK2RsvIOwUlDhjKz0FayYJsB8xp9″]Allegations of insider trading against Republic bank surfaced last year during Republic bank’s acquisition of HFC shares held by the Union Bank of Nigeria.<\/p>\n
In January 2015, two independent members of the Board of Directors of HFC Bank also called on SEC to investigate allegations of insider trading against Republic Bank.<\/p>\n
The two directors demanded that HFC bank initiate investigations through the Securities and Exchange Commission over allegations of \u201cinsider trading\u201d by the Republic Bank of Trinidad and Tobago before the process of a mandatory takeover of HFC bank commences.<\/p>\n
HFC Bank had on May 23, 2014 also sued the Republic Bank and the Securities and Exchange Commission (SEC) for what it alleged were breaches of the SEC Code on Takeovers & Mergers in Republic Bank\u2019s attempt to do a mandatory takeover of HFC Bank by purchasing of HFC shares held by the Union Bank of Nigeria.<\/p>\n
However HFC Bank was ordered by the Supreme Court presided over by Justice Atuguba to present their accusation of insider trading by Republic Bank to SEC for investigation.<\/p>\n