| Fri 20 Aug 2010, 12:10 | | FIN - Media Release: 20 August 2010 |
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JSE
FIN
FIN - Media Release: 20 August 2010
ATTENTION: THE NEWS EDITOR
Media Release: 20 August 2010
The Financial Services Board reported previously that its Enforcement
Committee considered allegations 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.
The case, firstly, related to false 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 false entries in the published
financial statements of the company for the year ended 28 February 2005, as
published on 31 May 2005. 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. As a result, the Enforcement Committee
imposed total penalties of R1,5 million on Mr Pather, and the same amount of
penalties on the company.
Both Mr Pather and the company appealed against the determination and the
penalties imposed. The Appeal Board of the Financial Services Board
considered the matter on 22 June 2010. On 16 August 2010, the Appeal Board,
in a majority judgment, dismissed the appeal of both respondents with costs.
The full determination of the Enforcement Committee can be found on the FSB
website http://www.fsb.co.za/, under "Enforcement Committee", and the full
decision of the Appeal Board can be found on the same website under "Appeal
Board".
Note to Editors
The Enforcement Committee is an administrative body that has the authority to
impose administrative penalties, cost orders, and compensatory orders on
offenders of FSB legislation.
-Ends-
Enquiries:
Mr C K Chanetsa Mr J G van Deventer
Deputy Executive Officer: Executive Director:
Investment Institutions Directorate of Market Abuse
Tel: 012 367 7239 Tel: 012 428 8015
Address:
Financial Services Board
Riverwalk Office Park
41 Matroosberg Road
Ashlea Gardens x 6
Pretoria
Office hours: 07:30 - 16:30
20 August 2010, Pretoria
Date: 20/08/2010 12:10:01 Produced by the JSE SENS Department.
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