Securities Council orders shareholder in CGX subsidiary to desist from trading shares

The Guyana Securities Council (GSC) has once again taken aim at a shareholder in ON Energy Inc, a subsidiary of Canadian Oil Company CGX Inc. CGX has been engaged in oil search operations locally since 2000

In a notice in yesterday’s Stabroek News under the signature of Corporate Secretary Shaun O. Allicock, the GSC ordered GGC Resources, a shareholder in ON Energy Inc to “immediately cease and desist from trading or transferring the 63,810,000 shares held in its name, of ON Energy Inc. a registered reporting issuer of GSC.”

Last month in a similar notice the GSC had announced that as part of its due diligence it is seeking any information the public may have on the company `GGC Resources Inc’ operating from the address 505 Park Avenue – 9th Floor, New York N.Y., 10022, USA. The GSC said that the company is a 30.11% shareholder of ON Energy Inc.

The council had invited anyone who may have information on the company in relation to its incorporation, principals, directorship, nature of business, shareholders or any other relevant information to contact the council.

Yesterday, the GSC issued a direct invitation to GGC Resources Inc. to a hearing for the matter within 7 days of the order. GGC has been directed to contact the Council at the Bank of Guyana Building or via telephone number 227-4235 to schedule such a hearing.

Stabroek News has reached out to the GSC numerous times over the last month in an attempt to source an explanation for the first notice however Chief Executive Officer (CEO) Cheryl Ibbott has not responded to any request for a comment.

Efforts to contact a member of the GSC for comment yesterday also proved futile as Stabroek News was informed that the CEO was on leave and both legal counsel were on vacation.

Neither GGC Resources nor ON Energy Inc has commented publicly on this matter.

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