NSE fines Julius Berger, Costain, others for infractions

By The Rainbow

The Nigerian Stock Exchange has penalized Julius Berger Nigeria Plc, Costain (West Africa) Plc and six other quoted for non-compliance with the exchanges stipulated reporting system.

They are to pay N14.8 million as penalties for these infractions.

This information is contained in NSE's X Compliance report.

According to the report,  the infractions  include unauthorised publications, non-disclosure of material information and default in filing financial information within the stipulated period.

Details of the charges slammed on the defaulting firms show as follows:

International Energy Insurance Plc was fined N3.8m for filing its audited December 2011 financial results after the due date.

Costain (West Africa) also got a fine of N3.6m for late filing of its March 2012 audited results, while Mutual Benefits Assurance Plc was fined N3m for filing its audited December 2011 results after the due date.

Julius Berger was fined N1.470m for the non-disclosure of the substantial shareholding of Oasis Petroleum Company Limited in the 2011 Annual Reports and Account. Oasis Petroleum holds 9.8 per cent of Julius Berger's shares.

Honeywell Flour Mills Plc was also fined N1.26m for the unauthorised publication of its Extraordinary General Meeting, while Custodian and Allied Insurance Plc and Crusader Insurance Plc were fined N661,500 and N472,500, respectively for unauthorised publication of the notice of their court-ordered meetings.

Wapic Insurance Plc was fined N496,125 for a publication on the appointment of directors without the approval of the NSE.