Report by the Insider Trading Directorate (1 of 2)

Media Release:  26 July 2000 

Report by the Insider Trading Directorate

The Insider Trading Directorate (ITD) held its eighth meeting at the Financial Services Board (FSB) on 25 July 2000.
Attached is a list detailing the current status of investigations.  It should be noted that the investigations are not into the affairs of the companies listed but into trading in their shares on the stock exchange.
Investigations are "closed" once it becomes evident that no, or insufficient evidence has been obtained to warrant action in terms of the Insider Trading Act. 
88 cases have been registered for investigation since the inception of the Insider Trading Act in January 1999, 64 investigations have been completed, and settlement has been reached in seven cases.  In three cases civil action is pending, and one matter has been handed over to the Director of Public Prosecutions.

-Ends-

Enquiries:
Mr Rob Barrow
Chairperson:  Insider Trading Directorate
Tel:                   (012)  428 8108/9
Fax:                  (012)  347 1379
E-mail:              robb@fsb.co.za

Address:
Financial Services Board
P O Box 35655
Menlo Park 0102
 

Office hours:  7:45 - 16:30 

26 July 2000, Pretoria

NOTE TO EDITORS
The Insider Trading Act, 135 of 1998 came into operation on 17 January 1999.  This Act provides for the establishment of an Insider Trading Directorate (ITD) at the Financial Services Board (FSB).
The Act empowers the FSB to issue a civil summons against alleged offenders for up to three times the profit gained, or the losses avoided as a result of unlawful insider trading.  The Act prohibits any individual from dealing in any security or financial instrument if he or she knows that he or she has inside information.  It also prohibits such a person from encouraging or discouraging any other person from dealing in the share, or from disclosing the inside information.
The function of the Insider Trading Directorate is to investigate share transactions and transactions in financial instruments that might be in contravention of the Act.  It is not the function of the ITD to investigate companies.  The transactions investigated are not necessarily those of directors and management of the company and could well be other persons in possession of inside information such as professional advisors, service providers to the company and other persons who have received the information from an insider. 

APPENDIX

 

SECURITY

JSE CODE

PERIOD

CASE STATUS

Absec Limited

ABE

30/04/99-19/05/99

Closed

Barprop Ltd Linked Units

BPP

18/02/99-12/03/99

Closed

Bryant Technologies Limited

BRY

16/08/99-17/11/99

Settled

Datatec Limited

DTC

07/04/00-13/04/00

Ongoing

Distillers Corporation (SA) Ltd

DSL

03/05/00-09/05/00

Ongoing

Essentiale Beverage Holdings Ltd

ESS

18/08/99-06/09/99

Ongoing

Explorer Corporation Holdings Limited

EPL

02/05/00-16/05/00

Ongoing

HIX Technologies Limited

HXT

04/08/99-13/08/99

Ongoing

Imperial Holdings Limited

IPL

14/04/00-02/06/00

Ongoing

ITI Technology Holdings Limited

ITI

10/01/00-30/06/00

Ongoing

JCI/Randgold Investigation

JCG

01/04/99-30/04/99

22/11/99-02/12/99

Ongoing

Karos Hotels Limited

KAR

02/08/99-22/10/99

Closed

L A Retail Stores Limited

LTR

09/03/99-19/03/99

Legal action

Leisurenet Limited

LST

09/11/99-10/11/99 20/03/00-27/03/00

03/04/00

Ongoing

MacMed Health Care Limited

MMD

13/09/99-30/09/99

Ongoing

Mercury Alpha Capital Limited

MAC

27/01/00

Ongoing

Mobile Industries Limited

MOB

19/01/00

Ongoing

Molope Group Limited

MOL

29/09/99-04/10/99

13/10/99-14/10/99

Ongoing

Paradigm Capital Holdings Limited(1)

PDM

14/04/00

Ongoing

Paradigm Capital Holdings Limited(2)

PDM

04/07/00-11/07/00

Ongoing

Paradigm Interactive Media Limited

PDM

01/02/99-09/02/99

Ongoing

PSG Group Limited

PSG

27/09/99-04/10/99

Ongoing

Quyn Holdings Limited

QUY

29/11/99-07/12/99

Closed

Real Africa Durolink Holdings Limited (2)

RAD

13/06/00-14/-6/00

Ongoing

Roadcorp Limited

RDP

01/02/00

Ongoing

Sentry Group Limited

STY

08/06/99-21/06/99

Legal Action

Shoprite Holdings Limited

SHP

19/07/99-27/07/99

Ongoing

Skills Accel Limited

SKL

15/04/99-02/07/99

Legal Action

Spicer Holdings Limited

SPI

04/01/00-07/01/00

07/02/00-08/02/00

Ongoing

Technology Communication Holdings Limited

TCM

21/01/99-29/01/99

Ongoing

Tiger Wheels Limited

TIW

01/01/00-13/01/00

Ongoing

Yabeng Investment Limited

YBG

10/01/00

Ongoing