May 15 has been set as the date for the Trinidad and Tobago Securities and Exchange Commission (TTSEC) to begin hearing a claim that the bid by NCB Financial Group to acquire Guardian Holdings breached Trinidad’s securities laws.

The TTSEC launched an investigation into the takeover bid in February following a written complaint by Guardian Holdings minority shareholder Peter Permell on behalf  of  other shareholders.

The letter cited an offer of US$2.35  per share from NCB.

NCB’s acquisition of  Guardian Holdings shares first started in 2016, when the company acquired 29. 99 per cent shares of  the company.

On December 8 last year through its wholly-owned subsidiary, NCB Global Holdings, it launched an offer and take-over bid to shareholders of  Guardian Holdings to acquire up to 74- million ordinary shares.

Mr. Permell and other minority shareholders claimed it was illegal to enter into any collateral agreement with some Guardian shareholders at the greater value of  US$3.24 than that offered to other minority shareholders.