On Tuesday, just weeks after the Financial Services Board (FSB) slapped a hefty R100,000 fine on trader James Gubb for his artistic work on the Oakbay Resources & Energy share price, the regulator confirmed it had launched an investigation into alleged market manipulation in the share dating back to 2014. The FSB did not reveal the subject of the investigation, which is believed to be Singapore-based Unlimited Electronics & Computers. It said it may seek help from international supervisory bodies. The trades being probed were conducted around the time that Oakbay was listed in November 2014. Bloomberg recently reported that the Gupta family lent $1m to UEC to be used to trade the Oakbay shares. E-mails seen by Bloomberg revealed that UEC traded the shares at R10 in early December 2014. This trading gave the company a market value of more than R8bn. It was instrumental in determining the share price at which the Industrial Development Corporation (IDC) converted the R250m loan it had...
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