2nd December, 2010
In aÂ bid to save a limited liability company, Big Treat Plc, from total collapse,Â Securities and Exchange Commission (SEC), has taken over control of the company.
In addition to the take over of the company, a Federal High Court has alsoÂ restrained its directors and their agents from withdrawing money from its accountsÂ in any bank, while the Inspector General of Police has been directed to provideÂ adequate protection for the assets of the company nationwide.
The order of the court was sequel to a suit filed on behalf of Securities andÂ Exchange Commission by a Lagos lawyer, Barrister Uche Obi, against Big Treat Plc andÂ three of its directors, Pamela Wu, Harries Wu, Steve Wu and three of theirÂ companies, Skyone, New Frontier Engineering and Construction Company and SkyoneÂ Group of Companies.
In an affidavit sworn to by a Senior Manager of Securities and Exchange Commission,Â Mr. John Onoja, it was alleged that sequel to the analysis of the 2008 audit accountÂ of the Big Treat and whistle blowing of concerned individuals, an inspection of theÂ company was approved.
The panel, in its findings, allegedly discovered wrongful and fraudulent transfer ofÂ the companyâ€™s money to some companies owned and run by the Pamela Wu, Steve Wu andÂ Haries Wu, using Steve as single signatory mandated to transfer funds from theÂ account of Big Treat to Newfrontiers Engineering Company, while diversion of BigÂ Treatâ€™s proceeds of sales, unilateral withdrawals of funds by Pamela and Steve,Â forgery of vouchers to facilitate payment of funds to Skyone Group of Companies andÂ others and unilateral corporate decisions by Pamela Wu, were discovered.
The panel also discovered abuse of internal control system, reckless sacking ofÂ personnel, false and unapproved board of directors, composition and fraudulentÂ manipulation of board and breakdown of corporate governance.
Consequently, the plaintiff urged the court to grant the order restraining theÂ defendants, foreign nationals from Asia who could flee the country with theÂ companyâ€™s money thereby occasioning huge losses to the company and its innocentÂ investors which include pensioners.
After hearing the submission of Barrister Uche Obi, the presiding judge, JusticeÂ Mohammed Idris, restrained the defendants from withdrawing from the accounts of theÂ company as well as disturbing Securities and Exchange Commission from overseeing itsÂ affairs.