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JSE AHL
GEN
GEN: AHL - AH-Vest Limited - FSB: Enforcement Committee`s imposition of
penalties on AH-Vest and Mr M T Pather
AH-VEST LIMITED
(Formerly All Joy Foods Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1989/000100/06)
Share code: AHL
ISIN code: ZAE000129177
FSB: Enforcement Committee`s imposition of penalties on AH-Vest and Mr M T
Pather
The Financial Services Board reported on 16 July 2009 that the Enforcement
Committee considered an allegation of a contravention of section 76 of the
Securities Services Act (the publication of false or misleading statements)
against AH-Vest Limited (formerly known as All Joy Foods Limited) and Mr M T
Pather, the Chief Executive Officer of AH-Vest. It also reported that the case
against the former financial director of AH-Vest, Mr Cedric Carroll, did not
proceed because the DMA was unable to locate Mr Carroll.
The case, firstly, related to entries in the books and records of AH-Vest made
available to the company`s auditors during April 2005, for purposes of the
audit of the books and records of the company for the year ended 28 February
2005. The case also related to the publication of the company`s financial
statements for the year ended 28 February 2005, as published on 31 May 2005.
The matter was postponed to consider the evidence. The Enforcement Committee
determined that both AH-Vest and Mr M T Pather, the Chief Executive Officer of
the company, contravened section 76 of the Securities Services Act by making
or publishing false or misleading statements.
On 7 September 2009 the Enforcement Committee imposed the following penalties:
- With regard to the first contravention, a penalty of R500 000 on Mr
Pather and on AH-Vest; and
- With regard to the second contravention, a penalty of R1 million on Mr
Pather and on AH-Vest.
A transcript of the determination and the imposition of the penalties are
available on the Financial Services Board website (www.fsb.co.za).
Note to the editors
The Directorate of Market Abuse, a committee of the Financial Services Board,
was established to investigate alleged cases of market abuse on the South
African financial markets. Market abuse refers to insider trading, market
manipulation and the publication of false or misleading statements relating to
public companies.
Contraventions of any legislation administered by the Financial Services Board
may be referred to the Enforcement Committee, a statutory committee authorised
to impose administrative penalties, compensatory orders and cost orders, in
such cases.
8 September 2009
Enquiries:
Mr C K Chanetsa
Deputy Executive Officer: Investment Institutions
Tel: 012 367 7239
Date: 08/09/2009 11:44:02 Produced by the JSE SENS Department.
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