The Federal High Court has once again issued an order to the Security and Exchange Commission, SEC to vacate the suspension of BGL.
According to the ruling originally published by Proshare , the Federal High Court has ordered the vacation of the Securities & Exchange Commission of May 21, 2015 to suspend the company and its sponsored individuals/directors from all capital market activities.
This basically means the SEC has been told to hand BGL back to its directors and management team. However, indications suggest that this order is yet to be complied with by SEC as BGL still remains under regulatory takeover.
Rumours have it that the decision by SEC to suspend BGL is beyond the alleged market infraction as there are more personal connotations to the debacle. We must add again that this a rumour and not substantiated by any evidence.
However, with SEC defying court orders one maybe inclined to start to believe some of the rumours flying around regarding this issue.
The court order is below