Large-scale sales alarm some investors, but they may be a bid to score on record share-price levels — and to free up funds for new investment ventures Capitec chairman Riaan Stassen offloaded R68m worth of shares in the bank last week, ostensibly so he could put money into a new investment venture.This adds to a trend in which Capitec’s top brass has sold more than R126m of stock in the high-flying microlender in the past seven months, as concerns over its lending practices have grown.However, Capitec spokesman Charl Nel says there is little to be worried about as the number of shares sold by the directors is small in relation to their total holding.In April Stassen sold R37.6m in shares.In May, Summit Financial Partners lodged a case of "reckless lending" against the bank over its controversial "multiloans" product. Summit claimed the bank does not do proper affordability checks on its borrowers despite charging a new initiation fee every month.Summit CEO Clark Gardner says he held...
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