Life became even tougher for Christo Wiese at the weekend when it emerged that the forced sale of 98.5-million of his Steinhoff shares is likely to be reviewed by the Financial Services Board (FSB) to determine if it contravenes insider-trading regulations. On Sunday, JSE CEO Nicky Newton-King said sales by outsiders, such as banks, to cover a loan liability would not usually be a contravention, "unless they were shown to be in possession of inside information when they forced the sale". Newton-King said the FSB, which regulates insider trading, would need to consider all the relevant facts. "I understand people being unhappy, but liability will be determined by the facts and it might take time to uncover all the facts." An investigation by the FSB is likely to be one of the lesser challenges facing Wiese and other Steinhoff directors as anger mounts over the multibillion-rand share collapse. The forced sale of the Steinhoff shares ensured that the Shoprite leg of the Steinhoff Afri...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.