Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  KOREA EXCHANGE (KOSDAQ)  >  Coson Co Ltd    069110   KR7069110005

COSON CO LTD (069110)
Mes dernières consult.
Most popular
  Report  
SummaryNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

Coson : NCC suspends COSON's operating license

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/08/2018 | 04:38pm CEST

The Nigerian Copyright Commission (NCC) has suspended the operating license of the Copyright Society of Nigeria (COSON) as a collective management organization for music and sound recordings.

Justice minister Abubakar Malami approved the suspension, said NCC director-general Afam Ezekude , in line with the provision of Regulation 19 (2) of the Copyright (Collective Management Organizations) Regulation 2007.

The suspension comes after COSON severally failed to carry out NCC directive in a February 19 letter.

The commission in an April 30 letter asked COSON to desist from negotiating and granting copyright licences, collecting royalties on behalf of copyright owners or performing any functions of a Collective Management Organization, except otherwise directed by the Commission.

In May, it asked COSON to refrain from making further withdrawals or expenses from the funds of COSON, within the period of suspension, except for purposes of meeting personnel emoluments. Other expenses of COSON, outside personnel emolument may however be made upon permission from the Director-General of the Commission.

Henceforth, the General Manager of COSON has been directed to forward to the Director-General, NCC, within 7 days, details of all bank accounts operated by COSON.

The DG said, the latter directive became necessary in view of the need to safeguard funds belonging to owners of Copyright in Music and Sound Recordings, whose works are administered by COSON, and to enable the Commission undertake necessary compliance checks in line with relevant provisions of the Copyright (Collective Management Organizations) Regulations 2007.

It would be recalled that the Commission received a petition from some members of the Governing Board of COSON, requesting the Commission to intervene and investigate the events at the Extra Ordinary General Meeting of COSON held on Tuesday, December 19, 2017.After due consideration of the petition, the Commission issued directives to the Management of COSON, not to implement certain decisions irregularly taken at the extraordinary General Meeting held on December 19, 2017, which were ostensibly in breach of statutory provisions and regulations guiding the operations of COSON.

Following the issuance of the directive, the Commission received a letter dated February 23, 2018 signed by the General Manager of COSON, indicating clearly the unwillingness of Management of COSON to comply with the directive of the Commission. Other activities of Management of COSON which are glaring in the public domain have also confirmed the refusal of the Management to comply with the directive of the Commission as it is obliged to do under relevant laws and regulation guiding its operations.

The NCC boss has observed that the development in its entirety does not augur well for the development of Copyright administration in Nigeria. Aside undermining the efficient administration of COSON to the utter disadvantage of authors and right owners in Music Industry, the continuing defiance of COSON Management to the directive of the Commission is a clear indication of its unwillingness to operate within the framework of the Copyright Act and Regulations guiding operations of Collective Management Organizations in Nigeria, for which there are clear consequences and sanctions.

The Commission has therefore advised Management of COSON to take necessary steps to comply with the directives of the Commission failing which further sanctions may be imposed on it in accordance with the provisions of the law.

© Pakistan Press International, source Asianet-Pakistan

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on COSON CO LTD
06/12COSON : For Ras Kimono - Why the Intellectual Property Rights Fight Must Continu..
AQ
06/12COSON : mourns reggae legend Ras Kimono who dies at 60
AQ
06/11COSON : mourns Ras Kimono as flags fly at half mast
AQ
06/10COSON : mourns reggae legend Ras Kimono who dies at 60
AQ
05/19COSON LICENCE TERMINATION : Ivory Music declare support for NCC intervention
AQ
05/18COSON : Why COSON wants NCC boss sacked
AQ
05/17COSON : AGM calls for sack of NCC's DG
AQ
05/13COSON : holds AGM, elects board members
AQ
05/13COSON : NCC suspends COSON's operating license
AQ
05/13COSON : Copyrights suspends COSON's operating license
AQ
More news
Financials ( KRW)
Sales 2018 131 B
EBIT 2018 14,4 B
Net income 2018 10,6 B
Debt 2018 22,9 B
Yield 2018 -
P/E ratio 2018 21,79
P/E ratio 2019 13,39
EV / Sales 2018 1,97x
EV / Sales 2019 1,14x
Capitalization 235 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Average target price 20 900  KRW
Spread / Average Target 64%
EPS Revisions
Managers
NameTitle
Dong-Geon Lee Chief Executive Officer & Director
Kyung Heo Managing Director & Head-Management & Fund
Eui-Hoon Park Director, Vice President & Head-Management
Tae-Kyu Lee Outside Director
Sang-Chul Kim Outside Director
Sector and Competitors
1st jan.Capitalization (M$)
COSON CO LTD212
L'ORÉAL13.11%134 847
KAO CORP9.72%37 850
SHISEIDO COMPANY, LIMITED59.93%31 706
AMOREPACIFIC CORP--.--%17 909
KOSE CORPORATION41.37%13 805