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The FSCA wraps up a further three insider trading investigations into the Steinhoff shares

24 April 2019 FSCA

The Financial Sector Conduct Authority (FSCA) wishes to update the public on the status of the investigation into potential insider trading on the Steinhoff International Holdings N.V. shares during the period preceding 4 December 2017. Approximately 30.7 million shares were traded with a total market value of over R1.7 Billion in the week prior to the share collapse following the announcement delaying the Annual Financial Statements of the Group in December 2017.

The FSCA has closed its files on three accounts where over R418 878 512 worth of shares were traded. This brings the total number of accounts investigated for insider trading with no adverse findings to a total of 56. “We found no reason to believe that any of these shares were traded in contravention of the Financial Markets Act” said Brandon Topham, Divisional Executive for Investigation and Enforcement at the FSCA. Further accounts where R46 million worth of shares were traded will continue to be investigated and a press update will be issued upon finalisation of the investigation.

 

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