FSCA finds no proof of insider trading at Steinhoff

File: The body says it has investigated 56 accounts for insider trading so far with no adverse findings.

File: The body says it has investigated 56 accounts for insider trading so far with no adverse findings.

ANA

JOHANNESBURG - The South African Financial Sector Conduct Authority says while investigations are still ongoing, it's found no evidence of insider trading in Steinhoff's shares before its stock collapsed.

Bloomberg previously reported that former CEO Markus Jooste tipped friends to sell off the company’s shares days before the stock crashed in late November 2017.

He apparently warned them of impending, bad news.

READ: Steinhoff deal questioned

The FSCA says that in the week before the share collapse, about 30.7 million shares valued at more than R1.7-billion were traded.

The body says it has investigated 56 accounts for insider trading so far with no adverse findings.

But more accounts that traded up to R46-million worth of shares are still being investigated.

Source
eNCA