The PNGX Markets Limited or the country’s stock exchange and trade, has put a temporary trading halt on the securities of Credit Corporation (PNG) Limited (PNG X Code: CCP) following the granting of a banking license to its subsidiary, Credit Corporation Finance Limited by the Bank of Papua New Guinea (BPNG). In response to this, the Securities Commission of Papua New Guinea (SCPNG) issued a statement acknowledging this temporary halt that was put in place on Friday 2nd August. The SCPNG stated that this was done in accordance with PNGX Listing Rule 26.6.2 so to prevent disorderly market conditions and ensure that all market participants have access to complete and accurate information. SCPNG’s Acting Executive Chairman, Mr. James Joshua said SCPNG supports PNGX’s decision to maintain the halt until CCP makes an official market announcement concerning the banking license. “Pursuant to section 13(6) of the Capital Markets Act 2015, the Commission is hereby reviewing the documents and law leading to the decision of PNGX to place a temporary trading halt on the securities of Credit Corporation (PNG) Limited, but the Commission is of the tentative view that PNGX’s decision is necessary,” he stated. He added that SCPNG is committed to upholding the integrity of PNG’s Capital Markets. “We remind all listed entities of their obligations under continuous disclosure rules, and any breach of these obligations may result in penalties under Section 443 of the Capital Market Act 2025.” The SCPNG will continue to monitor the situation and will take appropriate action if necessary to ensure transparency and fairness in the market. Meantime, the Teachers Savings & Loans Society Limited or TISA is calling for the immediate termination of Mr. Danny Robinson, the Chief Executive Officer (CEO) of Credit Corporation following his premature announcement of the granting of a banking license. This is because this very action constitutes a serious violation of Port Moresby Stock Exchange (POMSoX) rules, resulting in the indefinite suspension of trading of Credit Corporation shares. TISA stated that the Board of Directors of Credit Corporation must also be held accountable for the actions of their CEO, stating that it is imperative that the Board demonstrates full accountability and take necessary steps to restore the trust and confidence of shareholders and stakeholders.