Colina Holdings (Bahamas) could face sanctions from the Bahamas International Securities Exchange (BISX) in relation to the extension granted for filing the company’s annual report for year-end December 31, 2004.
A notice published in the Nassau Guardian on Saturday June 4, a newspaper that is effectively owned by Colina Holdings’ parent, the Colina financial Group, said that in approving the extension request, “a recommendation was made to the BISX listing committee to file a formal complaint for violation of BISX rules with the Securities Commission of the Bahamas, and BISX may impose sanctions”.
Colina Holdings (Bahamas), which is the holding company for Colina Insurance Company, had previously applied for and was granted an extension of the deadline to file its 2004 annual report to JUne 30, 2005.
The delay in releasing the annual report and end-of-year accounts for 2004 is likely to relate, at least in part, to the internal fued that saw James Campbell, Colina Insurance Company’s president, ousted after a bitter dispute with fellow Colina Financial Group (CFG) principals, Emanuel Alexiou and Anthony Ferguson.
Mr. Campbell held a 45 per cent stake in CFG, which has a 66 per cent majority interest in Colina Holdings, the only Colina entity listed on BISX.
However, as Mr. Alexiou and Mr. Ferguson hold the remaining 55 per cent interest in CFG, their control over Colina Holdings was enough to secure Mr. Campbell’s removal.
Ravi Jesubatham voluntarily resigned from his post on Colina’s board, but remains chief financial officer with CFG.
Source: The Tribune – Nassau, Bahamas
