I couldn’t resist writing about the JSE’s consultation paper on the strengthening of its listing requirements. This comes after it was under fire for approving listings such as Oakbay Resources (a Gupta company), the overvalued Ayo Technologies (a Public Investment Corporation-funded IT company linked to Iqbal Survé) and the aborted Sagarmatha Technologies listing (a media company linked to Survé, again to be PIC-funded). It also comes after a torrid year of corporate scandals, including Steinhoff, Resilient and Fortress, all involved in potential fraud, all included in the JSE’s Top 40 index. To its credit the JSE agrees it needs to review its responsibilities and calls on other parties, such as directors, auditors, asset managers and lawyers to do the same. That is fair. It’s enough to look at the fees charged by the advisers to the Ayos and Steinhoffs to know that all is not well in the financial services sector. It’s enough to look at the skyline of Sandton to know who is making...

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