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MarketScreener Homepage  >  Equities  >  NAMIBIAN STOCK EXCHANGE  >  Trustco Group Holdings Limited    TUC   NA000A0RF067

TRUSTCO GROUP HOLDINGS LIMITED (TUC)
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Trustco : Trusto investigated for insider trading, market manipulation

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04/06/2018 | 05:59am CEST

Trusto investigated for insider trading, market manipulationPracticed between Nov '17 and Feb '18 The Financial Sector Conduct Authority of South Africa is investigating Trustco for illegal practices on the stock exchange. “Once we have finished our investigation and are of the view that Trustco is guilty we will make a recommendation to the FSCA Exco to impose an administrative penalty,” - Solly Keetse, head, FSCA market abuse department NDAMA NAKASHOLE

Trustco Group Holdings is being investigated for alleged insider trading by South African authorities.

The Johannesburg Stock Exchange-listed Namibian company is accused of the illegal practice of using access to confidential information to its advantage in trading on the stock exchange - a practice known as insider trading - in November 2017.

The company is further accused of manipulating its share price.

The Financial Sector Conduct Authority (FSCA) of South Africa, formerly the Financial Services Board, confirmed the investigation to Market Watch yesterday.

The head of the market abuse department at FSCA, Solly Keetse, said they lodged the share price manipulation case against the company on 31 January 2018.

He could not go into any detail, citing the confidentiality provisions of the Financial Markets Act of 2012.

Keetse could also not state when the investigation would be concluded.

“Once we have finished our investigation and are of the view that Trustco is guilty we will make a recommendation to the FSCA Exco to impose an administrative penalty,” he said.

The JSE’s senior manager for surveillance in its market regulation department, Jacob Shayi, told Market Watch that they could not comment further on a press release issued by the JSE on 29 March 2018.

In the press release, Trustco is named in a list of 12 companies, including Steinhoff and Capitec, with ongoing cases of possible insider trading.

The Namibian company is also on a list of ten companies accused of prohibited trading practices (market manipulation). Trustco is said to have committed the market manipulation practice between between December 2017 and February 2018.

According to Wikipedia, market manipulation is a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a product, security, commodity. Trustco's spokesperson Neville Basson did not provide comment on the matter by the time of going to print.

(c) 2018 | NMH Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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