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 |