JSE cancels suspicious trade in Gupta-owned Oakbay company
While not accusing the company of wrongdoing, on Friday the JSE identified trades in Oakbay Resources and Energy shares that may be ‘evidence of market abuse’
The JSE has confirmed that it cancelled suspicious trades in the shares of Gupta family-controlled Oakbay Resources and Energy last Friday, but added it was not accusing the company itself of wrongdoing. On Monday, Business Report reported that a 28% jump in Oakbay’s share price had been flagged as suspicious by the JSE. The JSE’s senior technical advisor in market regulation, Peter Redman, said: "There is nothing to suggest that the company is in any way connected to the trades in question." Redman said the JSE’s approach to surveillance of trade activity is proactive. "We monitor all trade taking place on the market as it happens, and respond when we pick up unusual activity. When routinely monitoring trades during the morning of Friday March 31, the JSE’s market regulation team identified trades in Oakbay Resources and Energy shares that appeared to be evidence of market abuse. These trades were cancelled." A report has been prepared and will be handed to the Financial Service Bo...
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