Collins Newman and Company legal firm were this week re-admitted into the list of the Botswana Stock Exchange Limited’ registered advisers, following its suspension in March this year.
The BSE this week in the re-admission announcement to all its market participants indicated that the suspension of CNC has been lifted, and consequently the legal firm is now fully compliant.
In terms of the High Court judgment dated 30th August 2019, the Registrar of the High Court was ordered to issue CNC with practicing certificates. “Accordingly, CNC currently holds valid practicing certificates and is therefore able to practice and deliver services to clients,” reads the BSE statement.
Collins Newman was removed from the BSEL Register of Advisers on March 28 until clarification of its status with the Law Society of Botswana was been made. The communication from the listing and trading department at the time warned BSLE stakeholders that the action to suspend the Collins Newman was in accordance with Section 13.5(d) of BSLE equity listings requirements which empowers the stock exchange to take disciplinary actions and/or sanctions on a Registered Adviser by their industry Regulator.
Reports indicated that the law firm had failed to fulfill the requirement of being certified by the Law Society of Botswana (LSB), which also came amid allegations of misappropriation of trust funds at Collins Newman.
The LSB in early September filed an appeal at the Court of seeking to overturn the High Court’s decision ordering the issuance of a practicing certificate to CNC and its managing partner, Parks Tafa.
Tafa, had taken the LSB to court challenging its decision not to award him a practicing license for this year and applying for his firm to be placed under curatorship. He was not issued a practicing certificate and as a result the Master of the High Court removed him from the roll of practicing attorneys.