In a media release by the Insider Trading Directorate on 28 November 2000 it was reported that an insider trading investigation into certain transactions in the shares of Technology Communication Holdings Limited (TCM) would be referred for legal action.

“The Directorate now reports that, as is provided for in the Insider Trading Act, a settlement has been reached with Adriaan Dubbelman, the previous chief executive officer of TCM, who has agreed to pay the directorate R292 425.

“The settlement relates to share transactions conducted in January and February 1999. The settlement is entered into on the basis that Dubbelman admits liability, without admission of criminal wrongdoing.”

The FSB will duly publish advertisements inviting claims from persons that sold shares in TCM on 21, 22, 26, 27, 28 and 29 January 1999 and 1, 8, 9 and 10 February 1999.