Media
Release: 7 December 1999
Report
by the Insider Trading Directorate
The Insider Trading Directorate (ITD) sub-committee held a meeting at the
Financial Services Board (FSB) today.
Following an investigation into insider trading into Beige Holdings Limited, the
meeting has accepted R800 000 from Sid Rogers, joint managing director of the
company in an out-of-court settlement. In terms of the settlement, the paying of
a penalty is not an admission of guilt.
Rogers sold shares before the market became aware of allegations of material
irregularities in the financial affairs of Beige Holdings Limited.
In terms of the provisions of the Insider Trading Act, the FSB may recover the
profit made or the loss avoided by an offender as a result of unlawful trading,
as well as a punitive or compulsory penalty of up to three times the
aforementioned amount, including interest and legal costs.
Investors who were prejudiced by Rogers’ trading activities between 30 and 31
August 1999 and between 1, 2 and 3 September 99, will be compensated.
Those who traded in Beige Holdings Limited’s shares in that period will
receive a claim form from their brokers. Those who have not received a form by
14 January 2000, is asked to contact the FSB at (012) 428 8009.
Ends
Enquiries:
Mr Rob Barrow
Chairperson: Insider Trading Directorate
Phone: (012) 428 8108
Fax: (012)
347 1379
E-mail: robb@fsb.co.za
Financial
Services Board
PO Box 35655
Menlo Park
0102
Office
hours:
0745 – 1630