SEC Takes Over Big Treat


In a  bid to save a limited liability company, Big Treat Plc, from total collapse,  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 also  restrained its directors and their agents from withdrawing money from its accounts  in any bank, while the Inspector General of Police has been directed to provide  adequate protection for the assets of the company nationwide.

The order of the court was sequel to a suit filed on behalf of Securities and  Exchange Commission by a Lagos lawyer, Barrister Uche Obi, against Big Treat Plc and  three of its directors, Pamela Wu, Harries Wu, Steve Wu and three of their  companies, Skyone, New Frontier Engineering and Construction Company and Skyone  Group of Companies.

In an affidavit sworn to by a Senior Manager of Securities and Exchange Commission,  Mr. John Onoja, it was alleged that sequel to the analysis of the 2008 audit account  of the Big Treat and whistle blowing of concerned individuals, an inspection of the  company was approved.

The panel, in its findings, allegedly discovered wrongful and fraudulent transfer of  the company’s money to some companies owned and run by the Pamela Wu, Steve Wu and  Haries Wu, using Steve as single signatory mandated to transfer funds from the  account of Big Treat to Newfrontiers Engineering Company, while diversion of Big  Treat’s proceeds of sales, unilateral withdrawals of funds by Pamela and Steve,  forgery of vouchers to facilitate payment of funds to Skyone Group of Companies and  others and unilateral corporate decisions by Pamela Wu, were discovered.

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The panel also discovered abuse of internal control system, reckless sacking of  personnel, false and unapproved board of directors, composition and fraudulent  manipulation of board and breakdown of corporate governance.

Consequently, the plaintiff urged the court to grant the order restraining the  defendants, foreign nationals from Asia who could flee the country with the  company’s money thereby occasioning huge losses to the company and its innocent  investors which include pensioners.

After hearing the submission of Barrister Uche Obi, the presiding judge, Justice  Mohammed Idris, restrained the defendants from withdrawing from the accounts of the  company as well as disturbing Securities and Exchange Commission from overseeing its  affairs.

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