Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) Friday placed on full suspension the shares of Starcomms Plc due to potiental Capital Restructuring by the Telecomms Company.

This is contained in a notice from the NSE and obtained by www.investadvocateng.com in Lagos Nigeria.

“We have today placed Starcomms Plc on Full suspension as a result of potential Capital Restructuring Exercise by the company” the NSE said.

This is coming on the heels of Investors in the Starcomms Plc year 2008 Private Placement (PP) suing the company, Issuers to the Offer before a Lagos High Court.

This followed a Petition to the Chairman of the EFCC by a prominent Nigerian citizen (name withheld) who took part in the Placement and parted with N500 million; but was not allotted shares.

Paragraph one of the Petition dated June 12 2012 and made available to www.investadvocateng.com reads thus: “I bring this Petition as a responsible senior citizen of this country, and sadly, also as a victim of this high level fraud”.

Parts of the Petition reads: “Their breach of all the relevant laws and the sale of the shares to hundreds of unauthorised persons ultimately led to the collapse of the value of the shares as the shares are now practically worthless. The ultimate losers are legal investors like myself, all of those who were scammed (in billions of naira) and the Nigerian economy.

Starcomms Plc has recently declared an annual loss of over N17 billion (Seventeen Billion Naira Only). When this is added to the purported N64 billion raised from Nigerians in 2008 (in addition to the losses declared by the company in 2009 and 2010), the size of the financial crime committed against this country is brought into clearer focus” the Petition reads.

The suit number: FHC/L/CS/691/12 dated June 22, 2012, is between Plaintiffs names (withheld) filed a class action lawsuit against Starcomms and other Active Participants those suing and on behalf of all members of the class of persons who took part in the Starcomms year 2008 Private Placement by depositing money in the Transaction Accounts furnished in the Placement Memorandum, but whose applications for shares was not approved by the SEC.