FSB probes trades just before Gordhan recall
The Financial Services Board looks at claims some traders shorted the rand amid allegations of insider trading
The Financial Services Board (FSB) is investigating certain foreign-exchange futures contracts amid allegations that insider trading took place ahead of the firing of former finance minister Pravin Gordhan. In a letter to DA finance spokesman David Maynier, CEO of the board Dube Tshidi wrote that his organisation had received a report from the JSE on April 11 on the matter. The JSE reviewed trades that took place in that period. "We are currently analysing both the report from the JSE as well as the article, which was published by Stuart Theobald of Intellidex. The investigation is ongoing," Tshidi wrote. JSE head of investor relations Michelle Joubert said that the JSE continuously reviewed all trades as a matter of course. There were allegations that traders shorted the rand before the news of Gordhan’s recall broke on March 27. Gordhan was in London on an investor road show when he was ordered by President Jacob Zuma to return to SA, which caused the value of the rand to fall mor...
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.