“Touchstone Resolves Securities Commission Issue with CEO Settlement”



"Touchstone Resolves Securities Commission Issue with CEO Settlement"
"Touchstone Resolves Securities Commission Issue with CEO Settlement"



“Touchstone Resolves Securities Commission Issue with CEO Settlement”



Touchstone Resolves Securities Commission Issue with CEO Settlement

Touchstone Exploration, an energy company that operates in Trinidad and Tobago, recently settled with the Securities Commission of Trinidad and Tobago over a dispute involving CEO Paul Baay’s integrity.

The Dispute

The Securities Commission of Trinidad and Tobago alleged that Baay had “made a false statement that materially affected the market price of Touchstone’s securities.” Specifically, the Commission claimed that Baay announced a significant oil discovery on December 20, 2018, without providing enough information to support the claim.

Touchstone denied the allegations, but the Commission continued its investigation. Eventually, the two sides announced a settlement that would require Baay to pay a penalty of $715,000 and agree to a “voluntary prohibition on serving as an officer or director of any issuer in Trinidad and Tobago.”

The Settlement

In a press release, Touchstone said that it had “agreed to settle the outstanding matter” with the Commission, and that the settlement “does not involve any admission of liability or wrongdoing by Touchstone or by Mr. Baay.”

According to Touchstone, Baay will pay the $715,000 penalty in installments over the next four years. In addition, Baay has agreed to the voluntary prohibition on serving as an officer or director of any issuer in Trinidad and Tobago for a period of six months.

The Aftermath

This settlement brings an end to a months-long investigation into Touchstone and Baay’s conduct. It also marks a significant step for Touchstone in resolving the dispute and moving forward with its business.

As for Baay, he will remain in his position as CEO of Touchstone, at least for the time being. The company’s board of directors released a statement expressing their continued confidence in Baay’s leadership, stating that “Paul Baay has been and continues to be an integral part of Touchstone’s growth and success.”

#Touchstone #Trinidad #Tobago #SecuritiesCommission #Settlement #PaulBaay #Penalty #OilDiscovery #CEO

Summary: Touchstone Exploration has settled with the Securities Commission of Trinidad and Tobago over allegations that CEO Paul Baay made a false statement that materially affected the market price of Touchstone’s securities. Baay will pay a penalty of $715,000 and agree to a voluntary prohibition on serving as an officer or director of any issuer in Trinidad and Tobago. The settlement marks a significant step for Touchstone in resolving the dispute and moving forward with its business. Baay will remain in his position as CEO of Touchstone. #BUSINESS

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