GEN - General - Moribo Leisure Limited - Media Release
JSE
GEN
GEN - General - Moribo Leisure Limited - Media Release
Media Release: 22 September 2009
The Directorate of Market Abuse investigated the disclosure of price sensitive
information relating to the reverse takeover of Moribo Leisure Limited by IFA
Hotels and Resorts K.S.C.C. (IFA) during August 2005. It was decided that the
matter should be referred to the Enforcement Committee.
On 22 September 2009 the Enforcement Committee considered the matter.
During August 2005 Mr Gareth Pietersen was employed as an articled clerk at BDO
Spencer Steward (KZN) Incorporated (BDO Spencer), and he became aware of the
reverse takeover. BDO Spencer was the corporate advisers to IFA as well as their
auditors. Mr Pietersen disclosed the information to Mr Cuan Chelin, who was
previously employed at BDO Spencer, and to Mr Brendon Davies, who was employed
at BDO Spencer.
Mr Pietersen admitted his disclosure of the information and agreed to the
penalty of R94 500 that was imposed on him by the Enforcement Committee.
The Enforcement Committee previously penalised Mr Chelin and Mr Davies for their
insider trading after having received the information from Mr Pietersen.
Note to 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.
-Ends-
Enquiries:
Please note that the Financial Services Board phone lines will only be
operational until 16:00 today, because of the relocation of the FSB.
Mr C K Chanetsa
Deputy Executive Officer: Investment Institutions
Tel: 012 367 7239
22 September 2009
Date: 22/09/2009 15:20:01 Produced by the JSE SENS Department.
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