Sibiya censured for Alviva share trades
The bourse has publicly censured Bhekokuhle Sibiya for breaching several rules when he sold shares in the company
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...
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