Finance Minister Pravin Gordhan. Picture: BUSINESS DAY
Finance Minister Pravin Gordhan. Picture: BUSINESS DAY

The Financial Services Board (FSB) said on Monday night it had found no evidence that insiders had known President Jacob Zuma intended firing Pravin Gordhan as finance minister in the last week of March.

The FSB said its directorate of market abuse (DMA) had concluded that currency futures contract trades done before March 27, when Gordhan was ordered back from London, “were undertaken in the normal course of business by institutional investors who at the time that they traded had no prior knowledge that Mr Gordhan would be recalled from the roadshow”.

The person who was being investigated and has been referred to the FSB enforcement committee is unrelated to Oakbay Resources & Energy Limited

The rand crashed from R12.40/$ the weekend before Gordhan was ordered to abandon an investor roadshow to R13.95/$ the weekend after Malusi Gigaba was appointed as finance minister in Zuma’s Cabinet reshuffle on March 31.

The FSB included the announcement that it had closed its insider trading case related to Gordhan’s firing in a status list of numerous investigations under way.

The FSB’s investigation of possible market manipulation related to Gupta family-owned Oakbay Resources & Energy is proceeding to “enforcement action”, the list said.

“The DMA would like it to be made known that the person who was being investigated and has been referred to the FSB enforcement committee is unrelated to Oakbay Resources & Energy Limited,” the FSB said.

Oakbay requested that the JSE suspend its shares on June 23 to pre-empt enforced suspension because it had failed to comply with various listing requirements.


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