Complaint lodged against SEC CEO for gross misconduct

…By ADRIAN MWANZAA FORMAL complaint has been lodged against Securities and Exchange Commission (SEC) Chief Executive Officer Philip Chitalu who has been accused of gross misconduct after failing to declare interest in a company he had shares in.According to a letter dated August 26 by Paul Norah Advocates on behalf of Pan African Exchange (PANEX) complained that Mr Chitalu was a shareholder of a company that was regulated by the SEC named as Bonds and Derivatives Exchange (BADEX) which dealt in commodities, bonds and derivatives similar to PANEX.The letter says that the shares were owned through a layered company in BADEX called Dejavu Financial Services.The lawyers said that Mr Chitalu had dealt with issues pertaining to PANEX and the board without disclosing these facts and conflict of interest.By virtual of being a substantial shareholder in BADEX, Dejavu Financial Services as well as being director of and CEO of SEC, had serious conflict of interest and […]