PAN African Exchange (PANEX) has raised a complaint against Securities and Exchange Commission chief executive officer Phillip Chitalu over failure to declare interest and insider trading. Chitalu is said to be a shareholder in a company regulated under SEC called ‘Bond and Derivatives Exchange Limited (BADEX)’ which deals in commodities, bonds and derivatives, which is the same business as PANEX. According to a complaint letter addressed to the SEC board chairperson, PANEX, through its lawyers Paul Norah and advocates, alleged that Chitalu owns shares in BADEX through a layered company called Dejavu Financial Services Corporation Limited. It is alleged that Chitalu has dealt with issues pertaining to PANEX and the board without disclosing the conflict of interest. “By virtue of...

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