EDITORIAL: JSE needs more teeth to sanction errant companies
Dishing out token fines could undermine the faith of investors in SA’s financial system
03 July 2020 - 05:10
If anything needs to change in how the JSE fights dodgy bookkeeping practices, it is the stock market operator’s powers to punish misbehaviour.
On Wednesday, the JSE handed sugar producer Tongaat Hulett its maximum R7.5m penalty for issuing misleading and false information to investors. For a company of its size, worth R739m as of Thursday, the fine is relatively painless and small change for the loss of value its former executives inflicted on investors, who are ultimately ordinary people who were exposed through their pension funds. ..
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