| Wed 30 Sep 2009, 8:20 | | GEN - General - Labat Africa Limited - Media Release |
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JSE
FIN
GEN - General - Labat Africa Limited - Media Release
Media Release: 29 September 2009
The Directorate of Market Abuse (Directorate) previously reported that it
investigated a possible case of a contravention of section 76 of the Securities
Services Act 36 of 2004 (the publication of false, misleading or deceptive
statements relating to a listed company). The Directorate decided to refer the
matter to the Enforcement Committee of the Financial Services Board.
The matter related to Labat Africa Limited`s (Labat) reviewed financial results
for the year ended 28 February 2007 as published on 13 June 2007. The case
against Labat (First Respondent) and its chairperson, Mr Brian George van Rooyen
(Second Respondent), was that they claimed in the publication that the auditors
of Labat (RAiN Chartered Accountants) issued a qualified audit report with
reference to the financial results referred to above. In truth, the auditors
stated that they express no assurance on the financial statements.
The Enforcement Committee, at a hearing on 29 September 2009, found that both
Respondents have contravened section 76, and imposed a penalty of R25 000 on the
First Respondent, and a penalty of R25 000 on the Second Respondent.
A transcript of the determination and the imposition of the penalties will be
available on the Financial Services Board website (www.fsb.co.za) shortly.
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:
Mr J G van Deventer
Executive Director: Directorate of Market Abuse
Tel: 083 461 0570
29 September 2009
Date: 30/09/2009 08:20:01 Produced by the JSE SENS Department.
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