| Wed 21 Oct 2009, 15:29 | | FSB - Financial Services Board - Enforcement Action |
|
JSE
FIN
FSB - Financial Services Board - Enforcement Action
Media Release: 21 October 2009
The Directorate of Market Abuse (Directorate) previously reported that it
investigated a possible case of a contravention of section 73 of the
Securities Services Act 36 of 2004 (insider trading). The Directorate decided
to refer the matter to the Enforcement Committee of the Financial Services
Board.
The matter related to share transactions in Wescoal Holdings Limited
(Wescoal) executed on behalf of Mr Marius Meyer during 3 and 4 March 2008. Mr
Meyer is a director and the approved executive of Exchange Sponsors (Pty)
Limited. Exchange Sponsors was the designated adviser to Wescoal.
The Enforcement Committee, at a hearing on 21 October 2009, found that the
Respondent, Mr Meyer, has contravened section 73 with relation to his share
transactions in Wescoal on 3 and 4 March 2008, and imposed a penalty of R150
000 on the 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.
The Enforcement Committee Panel that considered the case consisted of Retired
Judge President C F Eloff, Ms K Dlepu, Mr E A Moolla and Mr R J G Barrow. Adv
Deva Govender appeared on behalf of the Directorate of Market Abuse, and Adv
Naseer Cassim SC, appeared on behalf of the Respondent.
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: 012 428 8015
21 October 2009
Date: 21/10/2009 15:29:01 Produced by the JSE SENS Department.
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