Ann Crotty Writer-at-large
Bhekokuhle Sibiya. Picture: TYRONE ARTHUR/BUSINESS DAY
Bhekokuhle Sibiya. Picture: TYRONE ARTHUR/BUSINESS DAY

Bheki Sibiya, former Chamber of Mines CEO and former PPC chairman, has been added to the relatively short list of directors censured by the JSE for not disclosing share deals.

The censure related to trading of shares in Alviva Holdings, formerly Pinnacle Holdings, of which Sibiya is a director.

He is the fifth director to be publicly censured since 2015.

Sibiya sold 38,925 Alviva shares on January 17 and 18. He transgressed three sections of the JSE listings requirements designed to prevent insider trading. He did not disclose the trading within three days, he did not get approval from Alviva’s chairman for the trades and he traded during a closed period.

The closed period began on January 1 due to the pending publication of Alviva’s results for the six months to December 2016. It continued until March 2, when Alviva released a strong set of interim figures.

An announcement issued on June 4 reported Sibiya’s trades and said he had secured the necessary clearance. However, on June 15, the company advised shareholders that the chairman had no record of any clearance given to Sibiya for the trade.

“Sibiya was unable to provide evidence of clearance obtained,” it said in a statement.

On Friday, Sibiya did not respond when asked if he would appeal against the censure.

The shares were sold for R18.50 each on average, for a transaction value of R720,000. The price had been increasing steadily since April 2016, when it was at R14.90. It hit a high of R22.60 in March, soon after the release of the interim results.

Sources close to the JSE said Sibiya avoided a fine because it was unlikely he made a profit or avoided a loss on the trade.

The other directors to have been publicly censured since the start of 2016 are Thierry Guilbert of Steinhoff and Dave Deetlefs of Huge Group in February 2016; Mike Ruttel of Redefine Properties in May 2016; and Mathews Phosa of Value Group in September 2016.


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