| Tue 7 Sep 2010, 17:00 | | FSB - Financial Services Board - Report by the Directorate of Market Abuse |
|
JSE
FIN
FSB - Financial Services Board - Report by the Directorate of Market Abuse
Attention: The News Editor Report by the Directorate of Market Abuse (1 of 2)
Media Release: 7 September 2010
Report by the Directorate of Market Abuse
The DMA (Directorate of Market Abuse) held its 17th meeting at the FSB
(Financial Services Board) on 7 September 2010.
Below is a list detailing the current status of insider trading and prohibited
trading practices investigations. It should be noted that these investigations
are not into the affairs of the companies listed but into trading in shares on
the stock exchange.
Possible insider trading cases
Security JSE Period Case status
Code
Accentuate Limited ACE 2010-02 Ongoing
Africa Cellular Towers Limited ATR 2009-10 Ongoing
Barnard Jacobs Mellet Holdings BJM 2010-05 - 2010-06 Ongoing
Limited
Beige Holdings Limited (#2) BEG 2006-10 - 2007-03 Closed
Blue Financial Services Limited BLU 2008-08-07 Closed
(#2)
Dimension Data Holdings Limited DDT 2010-07 Ongoing
Esorfranki Limited ESR 2010-07-01 - 2010-07-16 Ongoing
GijimaAst Group Limited GIJ 2009-12 - 2010-01 Closed
Gold Reef Resorts Limited GDF 2010-02 and 2010-07 Ongoing
Jubilee Platinum plc JBL 2009-03 - 2009-06 Closed
Kumba Iron Ore Limited KIO 2010-02 Ongoing
Resilient Property Income Fund RES 2008-06-01 - 2010-03-23 Closed
Limited
Rolfes Technology Holdings RLF 2010-06 Ongoing
Limited
Sentula Mining Limited (#2) SNU 2008-06-25 Closed
Sentula Mining Limited (#3) SNU 2009-10 Ongoing
Simmer and Jack Mines Limited SIM 2009-12 Ongoing
Wesizwe Platinum Limited WEZ 2010-05 Ongoing
Wilson Bayly Holmes-Ovcon WBO 2008-07 - 2008-08 Closed
Limited
Possible prohibited trading practices (market manipulation) cases
Security JSE Period Case status
Code
Afgri Limited AFR 2009-01 - 2009-03 Ongoing
African Dawn Capital Limited AFD 2008-09 - 2008-10 Ongoing
(#2)
Argent Industrial Limited ART 2009-02 Ongoing
Cape Empowerment Trust Limited CAE 2008-10 - 2008-11 Ongoing
(#2)
Dialogue Group Holdings Limited DLG 2008-10 - 2009-04 Ongoing
Freeworld Coatings Limited FWD 2009-02 - 2009-03 Ongoing
Harmony Gold Mining Company HAR 2009-10 - 2009-11 Ongoing
Limited (#2)
Huge Group Limited (#1) HUG 2008-09 Ongoing
Labat Africa Limited (#3) LAB 2010-01 - 2010-04 Ongoing
Metair Investments Limited MTA 2009-02 - 2009-03 Ongoing
Palabora Mining Limited PAM 2009-01 - 2009-02 Ongoing
Pinnacle Point Group Limited PNG 2008-11 Ongoing
Sunflower December 2008, Sun- 2008-09-25 2008-12-11 Enforcement
January 2009, March 2009 and flower action
May 2009 Contract
Vox Telecom Limited VOX 2008-09 Enforcement
action
Possible false or misleading reporting cases
Below is a list detailing the current status of possible false or misleading
reporting investigations.
Security JSE Publication Case status
Code
African Dawn Capital AFD Financial results for the Ongoing
Limited years ended 2009-02-28 and
2008-02-29, published on
2008-03-25 and 2009-05-14
Alliance Mining ALM Financial results for the Ongoing
Corporation Limited year ended 2009-02-28,
published on 2009-06-15
Beige Holdings Limited BEG Financial results for the Enforcement
(#2) year ended 20080331, action
published on 2008-08-20
Blue Financial Services BFS Financial results for the Ongoing
(#3) year ended 2009-02-28,
published on 2009-05-21
Harmony Gold Mining HAR Financial results for the Ongoing
Company Limited quarter ended 20070331,
published on 20070425
Investigations are "closed" once it becomes evident that no, or insufficient
evidence has been obtained to warrant action in terms of the Act.
Note to Editors
The DMA is a committee of the FSB and is mandated to investigate, and in
appropriate instances, take enforcement action in cases of market abuse on the
financial markets. Three kinds of market abuse are prohibited in South Africa,
namely insider trading, market manipulation (prohibited trading practices) and
false reporting relating to the affairs of a public company.
The DMA can refer cases of insider trading to the FSB Enforcement Committee. In
such cases the Enforcement Committee may order that the alleged offender to pay
to the FSB the profit made or the losses avoided as a result of the offending
transactions, and a penalty of up to three times such amount. These funds are
distributed, after recovery of costs, to persons who may have been prejudiced by
the offending transactions.
Market manipulation and false reporting cases can also be referred to the
Enforcement Committee that can impose a penalty and a cost order on the alleged
offender.
In addition market abuse transgressions are criminal offences in terms of the
Act. The Director of Public Prosecutions may institute criminal action against
any person. It is not the function of the DMA to institute criminal prosecutions
but would provide all information necessary to assist the Director of Public
Prosecutions.
Since 1999, the DMA, and its predecessor, the Insider Trading Directorate
investigated a total of 255 cases. 198 cases were closed because there was no,
or insufficient, evidence that the Securities Services Act (or the now repealed
Insider Trading Act) was contravened. In 57 cases the DMA decided to proceed
with enforcement action. The penalties imposed on offenders to date amounts to
more than R60 million.
-Ends-
Enquiries:
Bert Chanetsa Gerhard van Deventer
Deputy Executive Officer: Investment Executive Director: Directorate of
Institutions Market Abuse
Financial Services Board Tel: 012 428 8015
Tel: 012 367 7239 Fax: 012 347 1379
Fax: 012 347 1379 E-mail: gerhardv@fsb.co.za
E-mail: bertc@fsb.co.za
7 September 2010, Pretoria
Date: 07/09/2010 17:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
