Should the Central Bank determine that it had approved a change in ownership of a significant shareholding based on an application containing misleading or incorrect information, the Central Bank may withdraw its approval and reject the application, modify its approval through the imposition of one or more conditions, or require the shareholder to dispose of the shareholding subject to the conditions set by the Central Bank.
Until an unapproved significant shareholding is divested in accordance with the conditions prescribed by the Central Bank, the shareholder is prohibited, in relation to that part of their shareholding which exceeds five percent (5%) of the bank’s issued ordinary shares (Excess Shareholding), from exercising any related voting rights, and receiving any related dividend. The Board must ensure that these prohibitions are enforced, and that any related dividends are retained by the bank until a final decision has been made by the Central Bank.
The requirement that a Significant or Controlling Shareholder be fit and proper is a continuing requirement. The Central Bank may revoke an approval of a Significant or Controlling Shareholder if that shareholder is no longer fit and proper or the Central Bank determines that any of the information provided as part of an application was false, fraudulent, and fictitious or in any other way materially misleading or incorrect.