The JSE has challenged Sagarmatha’s claim that the Companies and Intellectual Properties Commission (CIPC) had cleared it of noncompliance with the Companies Act. On Thursday Andre Visser, head of listings at the JSE, said the bourse had noted Sagarmatha’s comments but disagreed with its analysis of the critical issues. Visser said the matter had been brought to the JSE’s attention by the CIPC. "In reaching our conclusions we made relevant inquiries and received specific confirmations from Sagarmatha’s sponsor and officials at CIPC who brought the matter to our attention," he said. CIPC commissioner Rory Vollmer did not respond to a request for clarification from Business Day. The controversial circumstances around the last-minute withdrawal of the listing raises concerns not only about the JSE but also about Sagarmatha’s sponsors and transaction advisers. While a number of analysts have criticised the JSE for not picking up the noncompliance before it granted approval, the JSE’s po...
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