The Securities and Exchange Commission (SEC) says it is still investigating the $1 billion investment case between Unity Bank and Milost Global Incorporated.
Efe Ebelo, SEC’s acting head, corporate communications, told NAN on Monday that anyone found wanting in the case would be sanctioned appropriately in line with laid down regulations.
On March 26, the New York-based firm announced that it would not go on with its planned investment in the bank as earlier announced by Kim Freeman, its chief executive officer.
On March 29, Unity Bank denied signing away 60 percent of its holding structure to Milost for a $1 billion investment.
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It said: “Milost Global Inc. is one of the prospective investors introduced to the bank by a local entity called Mayo BV.
“It is not unusual that this introduction and expression of interests would involve some level of preliminary discussions and exchange of non-binding documentary communications between the intending parties.
“The bank’s position is on the premise that a document prepared by Milost merely contained the suggested terms and conditions on which Milost was planning to consider its possible funding of the bank.
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“The nomenclature ‘Commitment Letter’ was apparently adopted by Milost in its communication to buttress its seriousness to proceed with the transactions subject to relevant compliance requirements.”
The statement explained that the bank had been involved in a series of preliminary engagements with several prospective investors including Milost, and did not execute a binding agreement with Milost Global Inc.
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