Saturday 21st January, 2017
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Port Harcourt firm drags SEC to court, demands N500m damages

Port Harcourt firm drags SEC to court, demands N500m damages

A cooperative society firm operating in Port Harcourt, Flexus Global Solution and Investment Limited has dragged Securities and Exchange Commission (SEC) and four others to court for alleged unlawful harassment, detention and confiscation of the company’s property.
 
The company in a suit FHC/ABJ/CS/2016 seeks the court interpretation of Provisions of Section 28, 38, 54, 152, 153, 315 and Parts I and II of the Second Schedule of the Investment and Securities Act No 29, 2007.
 
In a 25 points suit before the Federal High Court in Abuja, Flexus Global Solution and Investment Limited and Port Harcourt Flexible Co-opetative Investment and Credit Society Limited seek to know "whether in an appropriate case of contravention of any of the provisions of the Investments and Securities Act No 29, 2007 the Act empowers the Securities and Exchange Commission or anybody acting for it, including the 2nd and 3rd defendants to arrest and detain person(s) or officials of the defaulting organization or confiscate or seize the properties of the person(s) or organization in default.
 
"Whether in an appropriate case of contravention of any of the provisions of the Investments and Securities Act No 29, 2007 the Act empowers the Securities and Exchange Commission or anybody acting for it, including the 2nd and 3rd defendants to freeze the bank accounts of the person(s) or defaulting organization, company or Co-operative society."
 
Also, the plaintiff prayed the court to make an order "mandating the 1st - 3rd Defendants jointly and severally to pay to the plaintiffs the sum of N500, 000, 000.00 being damages for unlawfully confiscating the assets of the plaintiffs including laptop computers, desktop computers, printers, files, books, etc."
 
The matter which was filed last in December 2016 is yet to get a new date for proper hearing.

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