The Trinidad and Tobago Securities and Exchange Commission is probing the takeover bid by NCB Financial Group of  the publicly traded Trinidadian insurance company Guardian Holdings.

The Commission’s chief executive, Haydn Gittens, told the Trinidad Express newspaper that concerns about the transaction were brought to the agency and it is treating the matter diligently and urgently.

NCB last month launched a takeover bid with the goal of acquiring 62 per cent of  the company.

However, this attempt has been met with controversy in Trinidad and Tobago.

News came earlier this month that three shareholders are planning to challenge the acquisition following a disclosure by NCB Chairman Michael Lee-Chin of a secret lock-up agreement.

The shareholders argue that the transaction failed to disclose the lock-up agreement in a timely fashion and they are being offered much less for their shares than major shareholders.