12 May 2011
FINANCIAL MARKETS AUTHORITY (FORMERLY SECURITIES COMMISSION) V CARRINGTON SECURITIES LP HC CHCH CIV-2011-409-000435
- Citation
- openlaw-6a8df055_2a81_4120_8848_2b6ebef46144.pdf
- Court
- High Court
The Court found as an objective matter that the Deferred Payment Offers were misleading or deceptive because the prominent headline price created a false impression that full payment would be made immediately whereas the substantive terms provided for ten years of unsecured deferred instalments yielding a present value materially below market; accordingly s13 contravention established and the Court exercised its discretion to grant a permanent injunction restraining similar offers, cancel unaffirmed contracts, order return of transferred shares and restrain registration, subject to limited sc…