FSB fines insider trader R1m
03 June 2010 | Compliance - Regulatory | Financial Sector Conduct Authority (FSCA) (was FSB) | FSB
A managing director of Scharrighuisen Drilling (Pty) Ltd, Johan Pieterse, has been fined R1m by the Enforcement Committee of the Financial Services Board for insider trading.
The Committee considered allegations of contraventions of section 73 of the Act (insider trading) against Mr Johan Pieterse and Mr Nicolaas van der Merwe.
Pieterse, a managing director of Scharrighuisen Drilling (Pty) Limited, a subsidiary of Sentula Mining Limited, was privy to inside information during 2008, about an impairment of assets in the subsidiary. He admitted the allegations and tendered a penalty of R1 million. The Committee imposed the penalty of R1 million.
The case against Mr van der Merwe was postponed for additional evidence to be filed.
