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Firm Asks SEC To Stop MTN From Listing Shares On Stock Market - TheCityPulseNews.com
Securities and Exchange CommissionThe law firm of Charles Mekwunye and Co has asked the Securities and Exchange Commission (SEC) to immediately stop telecoms firm, MTN from listing it shares on the Nigerian stock market.The law firm, in a letter dated March 18, 2019 stated that MTN cannot list its shares on the Nigeria stock market due to an ongoing suit before the Supreme Court over the massive divestment of its assets. The firm noted that MTN had been unfair to the Nigerian public and regulators by not disclosing the pendency of a civil matter over its shares when it recently announced its proposed initial public offer.In the letter to SEC, the law firm said: “We are disappointed that you have refused and/or failed to call MTN to order in light of recent publications relating to its proposed Initial Public Offer (IPO) without any reference whatsoever to the appeal pending before the Supreme Court involving the massive divestment of its assets. “We consider the move by MTN as unfair, misleading, and calculated attempt as usual to defraud the Nigerian economy and the Nigerian investing public. “Please be advised that under the Nigerian law and jurisprudence, MTN cannot disrespect the Supreme Court by interfering …