The Central African Financial Market Supervisory Commission(COSUMAF), legend of the financial market in CEMAC, stepped up to denounce the illegality of a public offer for the sale of shares (OPV) of the structure called UnitedForest Finance (UFF). In a press release published this 27 July, the regulator says it has noted that the structure in question “proceeded with the publication and distribution of a prospectus which invites the public to subscribe for shares in its share capital”.
In CEMAC, financial instrument placement operations (actions, obligations,etc.) by public offerings are supervised by COSUMAF which issues prior approval to the issuer. The objective being to ensure the protection of invested savings, to the proper information of investors and the proper functioning of the market.
Not having been seized as part of this operation, the regulator says it has seized the instigators to stop all propaganda and invites the public and investors “to urgently refrain from proceeding with any subscription to the securities offered by United Forest Finance while awaiting clarification on the legal and administrative consequences that will be reserved for this matter” writes Jacqueline Adiaba, the President of COSUMAF.
The funds requested were to make it possible to constitute the capital of what is presented as the “first microfinance establishment in the Southern Cameroon Region”. UFF is an initiative of the association “Southern Patronage” initiated by Daniel Claude Abate and which brings together within its executive committee very high Cameroonian personalities nationals of this region of the country. These include Patrice Melom, the Director General of the Autonomous Port of Kribi ; Alain Olivier Mekulu Mvondo, CEO of CNPS; CyrillEdou Alo’o, the Director General of the Budget ; Philémon Zame, the CEO of ART.
Source: Sika Finance