SEC nets independent Directors too on TWOD action

Tuesday, 11 March 2014 02:47 - - {{hitsCtrl.values.hits}}

The Daily FT can confirm that both executive and non executive independent Directors of Touchwood Investments PLC (TWOD) are under the mat in the Securities and Exchange Commission’s (SEC) Notice of Action. Following the exclusive expose of SEC’s tough action on transgressing Touchwood yesterday in the Daily FT, information has surfaced that around 15 to 20 Directors including those independent who have served TWOD’s Board for the past three to four years have been issued notice of action. On a two year time span, nearly 20 directors have been appointed to or resigned from TWOD. In the letter served mid-last week, these Directors have been listed with the alleged offenses under the SEC Act. They have been given 14 days notice. TWOD founders Roscoe Maloney and his wife are overseas but have been served with the notices as well. Among alleged incidents of malpractices are market manipulations via non-disclosure, overvaluing personal properties of Directors and selling them back to the company. Matters referred to the CID also include breach of trust and misappropriation of funds. The tough action by SEC follows conclusion of thorough investigations that lasted for over six months. One investor supported by nearly a dozen others who have invested in the TWOD’s Agarwood Plantation in Thailand but haven’t been settled have filed a winding up application in the Commercial High Court.

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