(Business in Cameroon) - It stemmed from deficiencies and irregularities that marred the operation. Around Wednesday August 7, the Commission on Financial Markets (CMF) of Cameroon published the list in the bilingual daily, Cameroon Tribune.

An array of sanctions was spelled out against new operators, including the Douala Stock Exchange (DSX) and eight banks and financial institutions (UBA, BICEC Bank Atlantic SGBC, Afriland First Bank, Citibank, BMCE Capital, SCB Cameroon). Three banks involved are in a consortium (SGBC, Afriland First Bank, Citibank).

In its posture of constable of the financial market, the CMF fined these investment services providers (ISPs) and DSX for “breaches and irregularities” in the purchase of the country’s treasury bonds, named “ECMR net 5.6% from 2010 to 2015”, launched in 2010.

According to the President of CMF, Chief T. K. EJANGUE, “the action of the CMF could prevent the state from making unjustified payments to these operators, already on the verge of doing so.”  CMF, calls it “illegal collection of placement fees on proprietary trading.”

While, a fine of 500,000 francs CFA was slammed on the DSX “for having, without being ISP, provided investment services … prohibited from non Investment Service Provider.”

A total of 200 billion francs CFA was raised from this venture to finance scores of major projects in the country, according to Cameroon Tribune.