GEN - Financial Services Board - Investigation into Investec statement
JSE
GEN
GEN - Financial Services Board - Investigation into Investec statement
Financial Services Board investigation into Investec statement
FSB Media Release: 25 July 2008
The FSB confirms that it had received a complaint from Solidarity regarding the
statement made by Investec relating to Stats SA`s overstatement of inflation, as
well as certain share transactions in Investec plc and Investec Limited.
Solidarity stated that Investec might have contravened section 76 of the
Securities Services Act (making a false or misleading statement in respect of
listed securities or in respect of the past or future performance of a company).
It also stated that some of Investec`s directors might have contravened section
73 of the Securities Services Act (insider trading).
The FSB also confirms that it had received a letter withdrawing the complaint.
The withdrawal of the complaint has no impact on the investigation. The FSB has
a duty to investigate every matter that could amount to market abuse as
prohibited in the Securities Services Act.
We have completed a preliminary investigation into the complaint and the FSB is
of the opinion that there is no merit in it. However, the matter will be placed
before the Directorate of Market Abuse, at its next meeting on 2 September 2008.
The Directorate is a committee of the FSB, established in terms of section 83 of
the Securities Services Act, and is responsible for deciding whether enforcement
action should be taken in cases of alleged market abuse.
It is unfortunate that Solidarity allowed their complaint to become public
knowledge before establishing whether it had substance.
-Ends-
Date: 25/07/2008 11:57:02 Produced by the JSE SENS Department.
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