Thursday, April 25, 2024

OCM share review


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PORT OF SPAIN – The Trinidad and Tobago Securities and Exchange Commission (TTSEC) has started its review of concerns raised by chairman of One Caribbean Media (OCM), Faarees Hosein, about specific purchases and sales of OCM shares since the start of 2020.

Last Thursday, Hosein wrote to Lystra Lucillio, acting chief executive of the TTSEC, requesting that an investigation be launched into these trading activities that took place between January 1 and October 16.

It was noted that OCM shares were being sold at a lower price than what they had been purchased at, leading the media group to believe that the trading activities might have been geared towards creating a false market for the shares, contrary to Section 94 and 95 of the Securities Act. The letter was also copied to Eva Mitchell, acting chief executive of Trinidad and Tobago Stock Exchange Ltd.

OCM is the parent company of Trinidad Express Newspapers Ltd, CCN TV6 and The Nation Corporation. (Trinidad Express)

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