The Securities & Exchange Commission (SEC) is reportedly preparing to take legal action against the earlier management of crisis torn Touchwood Investments PLC for frauds confirmed to have been committed.

The investigations carried out by the Securities & Exchange Commission together with the Criminal Investigation Department (CID) and Interpol into the frauds committed by the earlier management of Touchwood has revealed several facts.

Based on these facts, the SEC is to take legal action very soon against the earlier management of Touchwood Investments PLC.

The final verdict by courts on the petition by depositors of Touchwood, a reforestation company, to be liquidated is to be delivered on 5 June, 2014.