CIS Clears Cashcraft MD of Alleged Misconduct
Source: Nigerian Tribune
THE Managing Director of Cashcraft Asset Management Ltd., Mr. Adeolu Ireyomi, was on Tuesday discharged and acquitted by the Chartered Institute of Stockbrokers (CIS) over alleged sales of 9,257 shares of the company’s client.
Ireyomi, who was charged alongside Clement Ikechukwu Ukogu, another senior partner in the company, was absolved by the CIS for want of evidence that linked the duo to the act.
The Nigerian Stock Exchange (NSE) had earlier, in its decision on the matter, ordered the company to pay half of the total value of the 9,250 shares of Mobil Oil Nigeria sold without the owners’ consent.
At the ruling on the petition brought against the two respondents on Tuesday, by Prompt Finance Ltd., the president of the CIS, Mr. Dipo Aina, who led the five-man panel, upheld the submission of the lead counsel to the respondents that a case of prima facia had not been established against respondents.
He, therefore, discharged and acquitted the respondents of all the charges preferred against them.
Adeolu Ireyomi and Clement Ikechukwu Ukogu, in the four-count charge in suit no. CIS DT /A528/A216/01/2007, were alleged to have, between April 2002 and August 2002, used the machinery of Cashcraft Asset Management Ltd to misappropriate 9,257 units of Mobil shares belonging to Architect Olakunle Bello without his knowledge or authority.
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