SCB announces legal actions following sanctions

Lawyers of Société Commerciale de Banque au Cameroun (SCB), a subsidiary of the Moroccan Attijariwafa bank group, will consult the Cameroonian justice system to seek the invalidation of the decision against the Bank, July 10, 2015 by the Committee on financial markets (CMF), the regulator of the Stock Exchange securities of Douala (DSX).

In this decision disputed by SCB Cameroon both in form and in the background, the CMF has imposed heavy fines on the controller of the 50 billion Cfa francs bond by the State of Cameroon in December 2013 in an official communiqué on July 22, 2015. It was an operation that finally enabled the Treasury to raise 80 billion francs Cfa.

According to the CMF, guilty of 30 "shortcomings" in the context of fundraising for the Cameroonian State, SCB has a fine of 150 million francs Cfa, the injunction to return a sum of 473 million Cfa francs to the State of Cameroon.

After will be "six months of suspension with suspension of any activity on the local bond market ", with the exception of the operations strictly necessary for the preservation of the interests of the customer.

Breaches alleged against CBS Cameroon which enumerates the regulator of the financial market “were practices contrary to its professional obligations to the issuer and investors. It includes practices designed to distort the functioning of the market, the unjustified benefits which it would not have obtained in the normal course of the market or even achieving equality of information and treatment of market players.”