Following the refusal of Demerara Bank Limited (DBL) to honour a trade conducted by the Guyana Association of Securities Companies and Intermediaries Incorporated (GASCI), the association’s Board of Directors has suspended trading in DBL shares on the stock exchange.
A notice of the suspension, signed by GASCI’s Corporate Secretary George Edwards, appeared in yesterday’s edition of the Stabroek News. The suspension is effective from Monday June 3rd, 2019,
Chair of the GASCI board Nikhil Ramkarran told Sunday Stabroek that he is not sure how long the suspension is likely to last.
“The decision to suspend was based on some issues which arose in a trade… they declined to go through with a trade that occurred. We have asked them to reconsider. They may or may not,” he explained. Ramkarran could not provide details of the nature of the trade but advised that the stock exchange could provide the relevant information once open on Monday.
Meanwhile, the matter has been brought to the attention of the Guyana Securities Council (GSC) and will be discussed at a regular session of GSC, also scheduled for Monday.
Chair of the Council’s Board, Rawle Lucas, who related this information to this newspaper, assured that the issue “was a disagreement between the two entities,” which “will not have any implications for financial sector of Guyana.”
