SEC reaches settlement in NCBGF, GHL takeover case
Created : 15 May 2018
The Trinidad and Tobago Securities and Exchange Commission (SEC) has agreed to a settlement with all parties in a matter involving Guardian Holdings Limited (GHL) and Jamaica’s NCB Financial Holdings Group (NCBFG).
The announcement of a settlement was made on the first of a two-day hearing to examine the takeover bid by NCBFG of the publicly traded Trinidadian insurance company GHL.
The hearings sought to determine if any of this country’s Securities laws were breached in the transaction following the submission of a written complaint by minority shareholder Peter Permell on behalf of other shareholders.
An investigative series by Trinidadian journalist Asha Javeed in the Sunday Express reveals that the transactions to give Michael Lee Chin's NCBFG controlling interest in the company involves an intricate web of business transactions facilitated by the creation of several companies by Trinidadian businessmen Arthur Lok Jack and Imtiaz Ahamad and institutions including RBC and the International Finance Corporation (IfC).
The settlement is expected to be finalised in 21 days.