|
Getting your Trinity Audio player ready...
|
The Investments and Securities Tribunal (IST) has assured the public that it will dispense 54 pending cases before it throughout the country within three months in order to help facilitate business.
The Chairman of the Tribunal, Siaka Idoko-Akoh, said this after the newly constituted 10-man tribunal first sitting at the IST Court, Enugu where they entertained two cases.
The new 10-man IST tribunal was re-constituted in August and sworn-in on Sept. 19 by the minister of finance in Abuja.
The tribunal would oversee cases in Investments and Securities Tribunal Courts in four locations, namely: Lagos, Abuja, Kano and Enugu.
Idoko-Akoh said that the 10-man tribunal had been mandated to finish all capital market cases before it before three months, which have to do with the capital market operator (Security and Exchange Commission), brokers, operators and clients in the market.
He noted that the judgment of the tribunal can only be re-tried at the Appeal Court and subsequently Supreme Court.
The chairman, however, said there was an ongoing bill to amend the tribunal’s act so that its cases end at the Appeal Court level only.
“I am assuring you that within three months we must dispense each of the cases before us now throughout the country.
“We tend to achieve this by going straight to the merit of each case as we have seasoned legal luminaries and capital market operators as members of the 10-man IST tribunal.
“So, we will not entertain frivolous petitions and complainants or even plea for adjournment from the complainants and defendants.
“While very soon we divide the 10-man IST tribunal into smaller panels in order to facilitate the process and allow us to meet-up with the target of three months,’’ he said.
The chairman said that capital market cases needed to be dispensed very fast in order not to allow the delay impede business growth in any form as well as the capital market growth as well.
He said that the tribunal would serve for five years; adding: “that is why we swung into action already considering the short life-span of the tribunal’’.
“Our appointees have confidence in our ability to deliver and reposition the IST and we promise not to fail,’’ he added.
It would be recalled that the tribunal, which seat in Enugu with six members including the chairman, entertained the suit number IST/EN/OA/02/14, Dr Okam Kalu Ugwu versus Securities and Exchange Commission and four others.
The other case with suit number IST/EN/OA/04/13 is George Nnona versus Guaranty Trust Bank PLC and four others.
The two suits were adjourned to Nov. 6 for accelerated hearing on both matters.
