The Securities and Exchange Commission (SEC) has confirmed to Citi Business News that it has not received any form of complaint from the 2 independent members of the Board of Directors of HFC Bank or the bank over allegations of insider trading.
The two directors are demanding that HFC bank initiate investigations through the Securities and Exchange Commission allegations of “insider trading” by the Republic Bank of Trinidad and Tobago (RBTT), before the process of a mandatory takeover of HFC bank commences.
HFC Bank was recently ordered by the Supreme Court presided over by Justice Atuguba to present their accusation of insider trading by Republic Bank to SEC for investigation.Speaking to Citi Business News, the Director-General of the Securities and Exchange Commission Adu Anane Antwi said they are only investigating a complaint from two shareholders of HFC challenging the takeover of HFC by Republic bank.
“We haven’t received any complaint from HFC, but we have received complaint of insider trading from 2 shareholders who went to court and the court asked them to come to SEC, on what they have filed”, he said.
According to the two non-executive independent directors Mrs. Muriel Edusei and Mr. Francis Koranteng, insider trading is a criminal offence and they might be sued because of their duty of care and due diligence , hence their demands.
The two are expected to be removed after an Extraordinary General Meeting (EGM) of HFC bank on January 20, 2015.