Lasaco Assurance Plc ( 2006 Annual Report

first_imgLasaco Assurance Plc ( listed on the Nigerian Stock Exchange under the Insurance sector has released it’s 2006 annual report.For more information about Lasaco Assurance Plc ( reports, abridged reports, interim earnings results and earnings presentations, visit the Lasaco Assurance Plc ( company page on AfricanFinancials.Document: Lasaco Assurance Plc (  2006 annual report.Company ProfileLasaco Assurance Plc is a composite insurance and financial services company in Nigeria licensed to underwrite business in major sectors of the economy. This includes the heavy engineering, construction, banking and finance, manufacturing, agriculture and tourism sectors. Lasaco Assurance Plc’s business portfolio includes leadership and a significant stake in key federal and state government insurance businesses, multinational and private companies. The company also offers life cover to high-tech, capital intensive and special risk sectors such as oil and gas and aerospace. Lasaco Assurance Plc has business interests in property development and management as well as shareholdings in numerous blue chip enterprises. The company’s head office is in Lagos, Nigeria. Lasaco Assurance Plc is listed on the Nigerian Stock Exchangelast_img read more

Olympia Capital Corporation Limited ( 2015 Annual Report

first_imgOlympia Capital Corporation Limited ( listed on the Botswana Stock Exchange under the Investment sector has released it’s 2015 annual report.For more information about Olympia Capital Corporation Limited ( reports, abridged reports, interim earnings results and earnings presentations, visit the Olympia Capital Corporation Limited ( company page on AfricanFinancials.Document: Olympia Capital Corporation Limited (  2015 annual report.Company ProfileOlympia Capital Corporation is an investment holding company operating in the construction industry in Botswana. Through its subsidiaries, the company manufactures and markets a range of building materials that includes vinyl floor tiles, and aluminium and PVC windows and door frames. The company also has interests in manufacturing and supplying industrial adhesives and glue, cleaning chemicals, fire equipment, water pumps. Olympia Capital Corporation manages a portfolio of real estate investments which includes Avon Centre and Heri Heights Limited. The company has identified opportunities to expand its footprint in southern and eastern Africa. Olympia Capital Corporation Limited is a subsidiary of Olympia Capital Holdings Limited.last_img read more

The FTSE 100 hits 9-month highs! But I think these UK shares are still too cheap to miss

first_img Enter Your Email Address Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Image source: Getty Images. Simply click below to discover how you can take advantage of this. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Royston Wild | Saturday, 5th December, 2020 Royston Wild owns shares of Coca-Cola HBC. The Motley Fool UK has recommended Associated British Foods. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img The FTSE 100 hits 9-month highs! But I think these UK shares are still too cheap to miss Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. “This Stock Could Be Like Buying Amazon in 1997” The FTSE 100 has enjoyed a merry time in recent weeks. It’s up 17% since the beginning of November as significant breakthroughs on a Covid-19 vaccine have boosted investor confidence. And the blue-chip UK share index kept rising in Friday trading as well. In fact the FTSE 100 just hit its highest level since early March around 6,550 points .It’s too early in the Covid-19 fightback to claim that the new bull market is here. There are still numerous reasons, coronavirus-related and otherwise, why UK share prices could turn lower again. Signs that a Brexit deal is hitting the buffers is one reason why British stocks might run out of puff.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Buying UK shares despite the uncertaintyThe possibility of fresh share price volatility isn’t affecting my own investing strategy, though. I buy UK shares for the long haul. That is, I purchase them with a view to holding them for at least a decade. Over this sort of time horizon the impact of temporary share price choppiness on eventual returns is minimal.This is why I’ve continued to invest in my Stocks and Shares ISA in 2020 despite the uncertain economic outlook. I don’t need to be worried by wild swings in investor confidence and its impact on UK share prices. I also know that the global economy will bounce back strongly and pull stock markets northwards with them. History shows us time and again that shares recover after economic, political and social crises. I can afford to be patient and not be anxious for a strong economic recovery in 2021.2 cheap FTSE 100 shares on my watchlistI’ve bought shares in Coca-Cola HBC in recent weeks. And there are plenty more FTSE 100 stocks I’m thinking of adding to my ISA in the not-too-distant future. Indeed, despite the recent stock market rally a large number of Footsie-quoted shares still appear to be too cheap to miss.Here are a couple of blue-chip UK shares on my radar today:Associated British Foods is likely to experience a terrific uplift in trading in 2021 as its Primark stores are reopened and tough economic conditions boost demand for its budget clothes. The business has described sales as “phenomenal” since it reopened scores of stores this week. I’d buy it today and hold it for years as its global store expansion scheme should deliver terrific shareholder profits. Today ABF trades on a rock-bottom forward price-to-earnings (PEG) ratio of 0.5.The BAE Systems share price also looks mighty attractive right now. The defence contractor trades on a price-to-earnings (P/E) ratio of 10 times. It boasts a mighty 5% dividend yield too. Not only can this FTSE 100 firm expect rising defence budgets in the West to keep driving profits over the next decade. Its position as a top-tier arms supplier should keep the business rolling in too. These qualities helped BAE Systems secure a new £2.4bn munitions contract with the Ministry of Defence just this week. See all posts by Royston Wildlast_img read more

Cancer Research UK’s DM director named ‘client marketer of the decade’

first_img Howard Lake | 5 July 2006 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Tagged with: Awards Individual giving Recruitment / people About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of Researching massive growth in giving.  20 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThiscenter_img Anthony Newman said: “I’m… pleased to see the charity sector, which produces so many excellent and thought-provoking campaigns, being recognised in this way.” Cancer Research UK’s DM director named ‘client marketer of the decade’ CANCER Research UK’s direct marketing director Anthony Newman has received the Client Marketer of the Decade award at last week’s tenth annual Precision Marketing Response Awards.At Cancer Research UK Newman has helped change the message of marketing activity to one of hope, moving from focusing on those who have died from cancer to the more positive theme of survivorship. He has overseen numerous successful and memorable campaigns, including ‘Mirrors’ and the recent ‘I shouldn’t be here’ activity. Newman joined the ICRF in 2000, before it merged with CRC in 2002 to form Cancer Research UK. He moved there from Claritas where he had been an Account Director for two years. Advertisementlast_img read more

U.S. Soybean Farmers Receive Big Returns on Investment From Checkoff

first_img Results of the soy checkoff’s most recent return-on-investment analysis shows all U.S. soybean farmers receive five-dollars and 20-cents in profits for every dollar they invest in the checkoff. Untied Soybean Board Chairman Jim Call says this study shows U.S. soybean farmers are better off because of the checkoff. Study leader Gary Williams says five-percent of all U.S. soybean farmers’ revenues are due to the checkoff’s marketing and research efforts. U.S. Soybean Farmers Receive Big Returns on Investment From Checkoff By Gary Truitt – Jul 29, 2014 Facebook Twitter Overall – Williams says the checkoff has increased the size of the U.S. soybean industry, lifted markets for U.S. soybeans, meal and oil and increased U.S. soy exports. Ultimately – he says the benefits have far exceeded the costs. For more information on the United Soybean Board – visit united soybean dot org ( SHAREcenter_img Home Indiana Agriculture News U.S. Soybean Farmers Receive Big Returns on Investment From Checkoff Facebook Twitter SHARE Previous articleBecks’ Introduces FARMserver Precision Ag ToolNext articleVeterinarians Modify Position on Sow Housing Gary Truittlast_img read more

US — #WeeklyAddress: October 29 – November 4: Suspicious package sent to CNN’s Atlanta office intercepted

first_img June 7, 2021 Find out more News Suspicious package sent to CNN’s Atlanta office intercepted Crowds attending a Trump rally in Estero, Florida, on October 31 heckled journalists and mimicked the president’s anti-media rhetoric. Reporter Sabrina Siddiqui tweeted that day that “ahead of Trump’s rally at Hertz Arena in Estero, Florida, the crowd has broken into chants of ‘CNN sucks.’” Some rally-goers also approached the press area while waiting for the rally to begin, yelling obscenities at journalists in attendance. One man who wore a t-shirt that read, “f— the media” told The Daily Beast he wore it in the hope of sending a message to CNN journalist and White House Correspondent Jim Acosta and the rest of the press. During his speech, President Trump criticized the “far-left media,” to which rally-goers responded by leaning in toward the press area and yelling, “Tell the truth” and “fake news,” among other expressions. In late July, Acosta and other journalists reported on an unusually vitriolic and hostile climate at a Tampa rally, where journalists were heckled and given the middle finger by rally-goers. Facebook’s Oversight Board is just a stopgap, regulation urgently needed, RSF says The United States ranks 45th out of 180 countries in RSF’s 2018 World Press Freedom Index after falling 2 places in the last year. President Trump says reporters are “creating violence by not writing the truth” RSF_en Chanters awaiting Desantis and Rubio spit in direction of CNN camera News Below are the most notable incidents regarding threats to press freedom in the US during the week of October 29 – November 4: Crowds heckle the press before and during Trump rally in Florida While waiting for gubernatorial nominee Ron Desantis and Senator Marco Rubio to arrive at a community outreach event in Miami on November 1, those gathered to greet them chanted “CNN sucks” before spitting in the direction of a CNN camera. Daily Beast reporter Andrew Desiderio tweeted a video of the incident, noting the chanters referred to the network as the “Castro News Network.” Outside the White House on November 2, ABC reporter Karen Travers asked President Trump about his role in encouraging politically-motivated violence, to which he told her that “reporters are creating violence by not writing the truth.” In a video, Travers mentioned a recent ABC-Washington Post poll that says 49 percent of registered voters believe he has encouraged violence through his political rhetoric. President Trump pointed his finger at the reporter and said, “You’re creating violence by your questions. You know what. You are creating—you,” before blaming other reporters and the “fake news” for the violence as well. These statements echo President Trump’s criticisms of the media last week for failing to “to set a civil tone” and for unfairly criticizing him “at will.” Receive email alerts News For the latest updates, follow RSF on twitter @RSF_en. United StatesAmericas Help by sharing this information Law enforcement intercepted a third suspicious package addressed to CNN’s Atlanta headquarters on October 29. According to the FBI, the package resembled the 14 pipe bombs that Cesar Sayoc is suspected to have sent to the news outlet and other prominent critics of President Donald Trump last week. This is the third package CNN has received since October 24, which authorities suspect was also sent by Sayoc. The first two were addressed to the network’s office in the Time Warner Center in New York. President of CNN Worldwide Jeff Zucker issued a memo on October 29 reassuring the public that the package had been “intercepted at an Atlanta post office” and that there was “no imminent danger to the CNN Center.” NSO Group hasn’t kept its promises on human rights, RSF and other NGOs say News WhatsApp blocks accounts of at least seven Gaza Strip journalists Organisation June 3, 2021 Find out more Follow the news on United States United StatesAmericas NICHOLAS KAMM / AFP November 5, 2018 US — #WeeklyAddress: October 29 – November 4: Suspicious package sent to CNN’s Atlanta office intercepted to go further April 28, 2021 Find out morelast_img read more

Targeted violence against journalists by police dispersing protest

first_img News June 8, 2021 Find out more On the grounds that their sit-in was not authorized, the police gave the protesters an ultimatum and then charged them at dawn yesterday. At least 237 arrests were reportedly made.Armenia is ranked 78th out of 180 countries in the 2015 Reporters Without Borders press freedom index. ArmeniaEurope – Central Asia ArmeniaEurope – Central Asia RSF_en June 24, 2015 – Updated on January 20, 2016 Targeted violence against journalists by police dispersing protest Reporters Without Borders condemns targeted Armenian police violence against journalists at dawn yesterday in Yerevan, when the authorities used force to disperse a sit-in by large crowd of demonstrators protesting against electricity price hikes. Police attacked at least ten journalists and almost systematically confiscated or smashed their equipment. At least 11 journalists were briefly detained.“We are shocked by the use of such disproportionate force against journalists who were just doing their work,” said Johann Bihr, the head of the Reporters Without Borders Eastern Europe and Central Asia desk.“This targeted violence was clearly designed to prevent media coverage of the use of force to disperse the sit-in. We urged the authorities to punish this violation of freedom of information so that it does not recur.”Reporters Without Borders has obtained confirmation that Garik Azibekian and Sisak Gabrielian of Radio Azatutyun (the Armenian service of RFE/RL) were attacked, as were Davit Davtian and Khachatur Esayan of Armenia said its reporter, Nicolas Torosian, was hit by police, as were the photographers Gevork Gazarian and Karo Sahakian. Three cameramen working for the news website ¬– Karen Chilingaryan, Hovsep Hovsepyan and Gor Hovhannisyan – were also hit. Gala TV journalist Paylak Farhadian said that, while detained, he was beaten “in the presence of Yerevan’s police chief.”The journalists who were briefly detained included Garik Harutyunian of Radio Azatutiun, Arsen Sargsyian of Armenian News and Ani Hovhannisian and Hrant Galtsian of HETQ.The protest against the electricity price hikes began on 19 June, when several thousand people occupied Freedom Square in central Yerevan. After failing to obtain satisfaction, they began marching on the presidential palace on the evening of 22 June but the police blocked them at Baghramian Avenue, where they spent the night. Help by sharing this information Follow the news on Armenia News April 9, 2021 Find out more News RSF calls for a fully transparent investigation after mine kills two journalists in Azerbaijan November 11, 2020 Find out more to go further Receive email alerts Organisation Forum on Information and Democracy 250 recommendations on how to stop “infodemics” Russian peacekeepers deny foreign reporters access to Nagorno-Karabakh Newslast_img read more

Youth gets 21 years for radio journalist’s murder but motive still unknown

first_img Organisation John Alexander Jaramillo, a 24-year-old man who pleaded guilty to killing community radio station journalist Argemiro Cárdenas Agudelo on 15 March in Dosquebradas, in Risaralda department, was sentenced on 31 March to a combined sentence of 21 years, 2 months and 15 days in prison on charges of homicide and illegally carrying a firearm.Jaramillo, who confessed to the murder three days after it took place, said he was paid 1 million pesos (560 dollars) to carry it out. Asking the court to be forgiven, he nonetheless claimed to be unaware of the victim’s identity, although Cárdenas was well known in Dosquebradas as the head of Metro Rádio Estéreo and as the town’s former mayor.While noting the speed with which the police and judicial authorities acted in this case, Reporters Without Borders cannot be satisfied with a verdict that reveals nothing about the motive for the journalist’s murder.It is unfortunately not unusual in such cases that the authorities arrest and convict a perpetrator, who is young and knows nothing about their background. This cannot be regarded as victory over impunity. Was Cárdenas killed because of his radio journalism? The question has been left unanswered.Meanwhile, another journalist has been murdered. Jesús Martínez Orozco was gunned down by two men on a motorcycle in Sabanalarga, in Atlántico department, on 29 March. Aged 42, he hosted exclusively cultural programmes for La Nueva, a privately-owned local station, and had never received any threat. Some sources are speculating that it was a case of mistaken identity.___________________________________16.03.12 – Head of community radio shot dead in region gripped by drug gangsCommunity broadcaster Argemiro Cárdenas Agudelo was shot dead in cold blood by a hired killer on a motorcycle yesterday in Dosquebradas, in Risaralda department. A politician and former mayor of the town, he was also director and manager of the community radio station Metro Radio Estéreo and for the past 14 years had also contributed to other stations. Since 2010, he had been running Red Radial Cafetera radio and was affiliated to the World Association of Community Radio Broadcasters (AMARC). “We join AMARC and professional bodies in Colombia in paying tribute to Argemiro Cárdenas Agudelo and calling for a thorough investigation into his murder,” Reporters Without Borders said.“One again we call on those conducting the investigation not to be too quick to rule out the possibility that he was killed because of his work, as is often the case in this type of crime. Managing a community radio station is, by definition, a huge risk in a region like Risaralda, where drug traffickers and the feared ‘Cordillera’ armed gang hold sway. “The shadow of these predators of free expression hangs over the most recent cases of journalists murdered or forced into exile.” Local journalists say Cardenas, who was about to retire, had not recently been the target of threats. He campaigned on behalf of local communities, sometimes on the air, against the political establishment, but he did not tackle subjects regarded as risky.As far as a motive is concerned, the police favour the theory that it was a long-standing financial dispute or an attempt to extort cash allegedly earned from the sale of a radio station. While acknowledging these are possibilities, Reporters Without Borders should like to know on what the evidence they are based. Colombia remains one of the western hemisphere’s most dangerous countries for journalists, ranked 143rd of 179 countries in the latest world press freedom index published by Reporters Without Borders, and for several years has had the largest number living in exile, both abroad and internally. October 21, 2020 Find out more ColombiaAmericas 2011-2020: A study of journalist murders in Latin America confirms the importance of strengthening protection policies April 3, 2012 – Updated on January 20, 2016 Youth gets 21 years for radio journalist’s murder but motive still unknown ColombiaAmericas RSF, IFEX-ALC and Media Defence, support FLIP and journalist Diana Díaz against state harassment in Colombia Help by sharing this information News Reportscenter_img News RSF_en Receive email alerts Follow the news on Colombia RSF begins research into mechanisms for protecting journalists in Latin America April 27, 2021 Find out more May 13, 2021 Find out more News to go furtherlast_img read more

The Appraisal Institute Names New President

first_imgHome / Featured / The Appraisal Institute Names New President Demand Propels Home Prices Upward 2 days ago Tagged with: James L. Murrett Jefferson L. Sherman Stephen S. Wagner The Appraisal Institute VP Rodman Schley Servicers Navigate the Post-Pandemic World 2 days ago January 4, 2019 1,542 Views in Featured, Headlines, News James L. Murrett Jefferson L. Sherman Stephen S. Wagner The Appraisal Institute VP Rodman Schley 2019-01-04 Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days ago Stephen S. Wagner, MAI, SRA, AI-GRS, of West Lafayette, Indiana, begins his one-year term as president of the Appraisal Institute this month. The Appraisal Institute is a Chicago-based professional association of real estate appraisers with more than 18,000 professionals in nearly 50 countries. The Appraisal Institute’s other elected officers for 2019 are president-elect Jefferson L. Sherman, MAI, AI-GRS, of Highland Heights, Ohio; VP Rodman Schley, MAI, SRA, of Arvada, Colorado; and Immediate Past President James L. Murrett, MAI, SRA, of Hamburg, New York.In the coming year, the Appraisal Institute’s officers and board of directors will focus on helping appraisers expand their business opportunities, seeking to modernize the appraisal regulatory structure, focusing on helping residential appraisers and expanding the organization’s body of knowledge.“I look forward to helping lead our organization during this critical time in its history,” Wagner said. “Valuation professionals have the potential for a bright future, and the Appraisal Institute welcomes the opportunity to lead the way.” Wagner has served on the Appraisal Institute Board of Directors and as chair of the Finance Committee and vice chair of the Professional Standards and Guidance Committee. He is a past chair of the Demonstration Report Writing Panel, has served on the Admissions Designations and Qualifications Committee. He has also been involved in the development of the General review courses and two Capstone case studies. He also teaches general qualifying education and advanced-level courses and seminars for the Appraisal Institute. Additionally, Wagner has served in chapter roles, including as president, VP, secretary, and treasurer of the Hoosier State Chapter. Wagner is a senior appraiser in the appraisal firm of Terzo & Bologna, Inc., in Indianapolis. Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Related Articles The Appraisal Institute Names New President Previous: Primary Residential Mortgage Unveils Succession Plans Next: Trends in Millennial Homeownership Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sherman has served nationally on the Board of Directors (2000-02), Finance Committee (chair in 2018 and vice chair in 2002), Nominating Committee (2002), Education Committee (2010-13), International Relations Committee (2016) and Strategic Planning Committee (2017). He has served nearly continuously on the Region V committee since 1993, including many years as its parliamentarian. Sherman also has served in chapter roles, including twice as an Appraisal Institute chapter president in Ohio, and has worked on two successful chapter merger teams. Sherman is principal of Sherman-Andrzejczyk Group, Inc., in Willoughby Hills, Ohio.Schley has served nationally on the Appraisal Institute Board of Directors as Region II vice chair, and as a member of the Strategic Planning Committee and the Governance Structure Project Team. He previously served on the National Nominating Committee. He attended AI’s annual Leadership Development and Advisory Council conference as a participant (2013-15), and was selected as a discussion leader (2016), vice chair (2017) and chair (2018). Schley also has served in chapter roles, including as president of the Colorado Chapter. In 2002, he founded Denver-based Commercial Valuation Consultants, Inc., which was acquired by national appraisal firm BBG in 2016.Murrett has served on the Appraisal Institute’s national board of directors and strategic planning committee and as chair of the Finance Committee, in addition to chapter roles, including as president of the Upstate New York Chapter. He also has been treasurer and a member of the board of directors of the International Center for Valuation Certification, an affiliate of the Appraisal Institute. Murrett is executive managing director, compliance and quality assurance, at Colliers International Valuation & Advisory Services, based in Hamburg, New York. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily About Author: Donna Josephlast_img read more

Banks Duty-Bound To Exercise Due Diligence In Maintaining And Operating Their Locker Facility: Supreme Court Issues Guidelines

first_imgTop StoriesBanks Duty-Bound To Exercise Due Diligence In Maintaining And Operating Their Locker Facility: Supreme Court Issues Guidelines LIVELAW NEWS NETWORK19 Feb 2021 4:46 AMShare This – xThe Supreme Court observed that the banks owe a duty of care to exercise due diligence in maintaining and operating their locker or safety deposit systems and that they cannot contract out of the minimum standard of care in this regard.The banks cannot wash off their hands and claim that they bear no liability towards their customers for the operation of the locker. the bench…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Supreme Court observed that the banks owe a duty of care to exercise due diligence in maintaining and operating their locker or safety deposit systems and that they cannot contract out of the minimum standard of care in this regard.The banks cannot wash off their hands and claim that they bear no liability towards their customers for the operation of the locker. the bench comprising Justices Mohan M. Shanthanagoudar and Vineet Saran said while directing the Reserve Bank of India to lay down Rules and Regulations mandating the steps to be taken by banks with respect to locker facility/safe deposit facility management. Until such regulations are framed and issued by the RBI, the bench observed that the following guidelines have to be followed by the bank Irrespective of the value of the articles placed inside the locker, the bank is under a separate obligation to ensure that proper procedures are followed while allotting and operating the lockers:(a) This includes maintenance of a locker register and locker key register. (b) The locker register shall be consistently updated in case of any change in allotment. (c) The bank shall notify the original locker holder prior to any changes in the allotment of the locker, and give them reasonable opportunity to withdraw the articles deposited by them if they so wish. (d) Banks may consider utilizing appropriate technologies, such as block chain technology which is meant for creating digital ledger for this purpose. (e) The custodian of the bank shall additionally maintain a record of access to the lockers, containing details of all the parties who have accessed the lockers and the date and time on which they were opened and closed. (f) The bank employees are also obligated to check whether the lockers are properly closed on a regular basis. If the same is not done, the locker must be immediately closed and the locker holder shall be promptly intimated so that they may verify any resulting discrepancy in the contents of the locker. (g) The concerned staff shall also check that the keys to the locker are in proper condition. (h) In case the lockers are being operated through an electronic system, the bank shall take reasonable steps to ensure that the system is protected against hacking or any breach of security.(i) The customers’ personal data, including their biometric data, cannot be shared with third parties without their consent. The relevant rules under the Information Technology Act, 2000 will be applicable in this regard. (j) The bank has the power to break open the locker only in accordance with the relevant laws and RBI regulations, if any. Breaking open of the locker in a manner other than that prescribed under law is an illegal act which amounts to gross deficiency of service on the part of the bank as a service provider. (k) Due notice in writing shall be given to the locker holder at a reasonable time prior to the breaking open of the locker. Moreover, the locker shall be broken open only in the presence of authorized officials and an independent witness after giving due notice to the locker holder. The bank must prepare a detailed inventory of any articles found inside the locker, after the locker is opened, and make a separate entry in the locker register, before returning them to the locker holder. The locker holder’s signature should be obtained upon the receipt of such inventory so as to avoid any dispute in the future. (l) The bank must undertake proper verification procedures to ensure that no unauthorized party gains access to the locker. In case the locker remains inoperative for a long period of time, and the locker holder cannot be located, the banks shall transfer the contents of the locker to their nominees/legal heirs or dispose of the articles in a transparent manner, in accordance with the directions issued by the RBI in this regard. (m) The banks shall also take necessary steps to ensure that the space in which the locker facility is located is adequately guarded at all times. (n) A copy of the locker hiring agreement, containing the relevant terms and conditions, shall be given to the customer at the time of allotment of the locker so that they are intimated of their rights and responsibilities. (o) The bank cannot contract out of the minimum standard of care with respect to maintaining the safety of the lockers as outlined supra.The bench issued these directives while disposing an appeal against a judgment of National Consumer Disputes Redressal Commission. In this case, the complainant filed a consumer complaint before the District Consumer Forum seeking a direction to United Bank of India to return the seven ornaments that were in the locker; or alternatively pay Rs. 3,00,000/­ towards the cost of jewelry, and compensation for damages. The Forum directed the bank to return the entire contents of the locker, or alternatively pay the complainant Rs. 3,00,000/­ towards cost of the jewelry and, Rs. 50,000/­ as compensation for mental agony, harassment, and cost of litigation. In appeal, the State Consumer Disputes Redressal Commission, though accepted the District Commission’s findings on the question of deficiency of service, reduced the compensation from Rs. 50,000/­ to Rs. 30,000/­ and further observed that the dispute on the contents of the locker can only be decided upon provision of elaborate evidence. NCDRC upheld this order of the State Commission.The appeal before the Apex Court filed by the appellant raised these issues: First, Whether the Bank owes a duty of care to the locker holder under the laws of bailment or any other law with respect to the contents of the locker? Whether the same can be effectively adjudicated in the course of consumer dispute proceedings?  Second, irrespective of the answer to the previous issue, whether the Bank owes an independent duty of care to its customers with respect to diligent management and operation of the locker, separate from its contents? Whether compensation can be awarded for non­compliance with such duty?The bench did not answer the first issue conclusively. It upheld the NCDRC finding that the complainant must file a separate suit before the competent civil court for seeking this relief and for proving that the missing items were actually in the custody of the bank. The court said that all questions of fact and law are left open before the civil court to decide on the merits of the case, including as to whether the law of bailment is applicable, or any other law as the case may be.On the second issue, the bench observed that Banks as service providers under the earlier Consumer Protection Act, 1986, as well as the newly enacted Consumer Protection Act, 2019, owe a separate duty of care to exercise due diligence in maintaining and operating their locker or safety deposit systems”It appears to us that the present state of regulations on the subject of locker management is inadequate and muddled. Each bank is following its own set of procedures and there is no uniformity in the rules. Further, going by their stand before the consumer fora, it seems that the banks are under the mistaken impression that not having knowledge of the contents of the locker exempts them from liability for failing to secure the lockers in themselves as well. In as much as we are the highest Court of the country, we cannot allow the litigation between the bank and locker holders to continue in this vein. This will lead to a state of anarchy wherein the banks will routinely commit lapses in proper management of the lockers, leaving it to the hapless customers to bear the costs. Hence, we find it imperative that this Court lays down certain principles which will ensure that the banks follow due diligence in operating their locker facilities, until the issuance of comprehensive guidelines in this regard.”, the court said.While disposing the appeal, the bench also observed that the banks cannot wash off their hands and claim that they bear no liability towards their customers for the operation of the locker. It observed:Before concluding, we would like to make a few observations on the importance of the subject matter of the present appeal. With the advent of globalization, banking institutions have acquired a very significant role in the life of the common man. Both domestic and international economic transactions within the country have increased multiple folds. Given that we are steadily moving towards a cashless economy, people are hesitant to keep their liquid assets at home as was the case earlier. Thus, as is evident from the rising demand for such services, lockers have become an essential service provided by every banking institution. Such services may be availed of by citizens as well as by foreign nationals. Moreover, due to rapid gains in technology, we are now transitioning from dual key operated lockers to electronically operated lockers. In the latter system, though the customer may have partial access to the locker through passwords or ATM pin, etc., they are unlikely to possess the technological know­how to control the operation of such lockers. On the other hand, there is the possibility that miscreants may manipulate the technologies used in these systems to gain access to the lockers without the customers’ knowledge or consent. Thus the customer is completely at the mercy of the bank, which is the more resourceful party, for the protection of their assets. In such a situation, the banks cannot wash off their hands and claim that they bear no liability towards their customers for the operation of the locker. The very purpose for which the customer avails of the locker hiring facility is so that they may rest assured that their assets are being properly taken care of. Such actions of the banks would not only violate the relevant provisions of the Consumer Protection Act, but also damage investor confidence and harm our reputation as an emerging economy.The court also directed RBI to lay down comprehensive directions mandating the steps to be taken by banks with respect to locker facility/safe deposit facility management. Thus it is necessary that the RBI lays down comprehensive directions mandating the steps to be taken by banks with respect to locker facility/safe deposit facility management. The banks should not have the liberty to impose unilateral and unfair terms on the consumers. In view of the same, we direct the RBI to issue suitable rules or regulations as aforesaid within six months from the date of this judgment. Until such Rules are issued, the principles stated in this judgment, in general and at para in particular, shall remain binding upon the banks which are providing locker or safe deposit facilities. It is also left open to the RBI to issue suitable rules with respect to the responsibility owed by banks for any loss or damage to the contents of the lockers, so that the controversy on this issue is clarified as well.CASE: Amitabha Dasgupta vs. United Bank of India [CIVIL APPEAL NO. 3966 OF 2010]CORAM: Justices Mohan M. Shanthanagoudar and Vineet SaranCITATION:  LL 2021 SC 101Click here to Read/Download JudgmentRead JudgmentSubscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more