The JSE has publicly censured Invicta Holdings, the industrial conglomerate controlled by retail tycoon Christo Wiese, for breaching regulations around the repurchase of shares on the open market.The issue was highlighted by the Financial Mail in its Cover Story "The trouble with Invicta", after the company raised a reportable irregularity in its financial statements.The transaction that caused all the trouble — according to a JSE notice — dated back to November 30 last year, when Invicta subsidiary Humulani Marketing acquired 1.88m shares from executive directors Charles Walters and Arnold Goldstone. The transactions were collectively worth nearly R100m.Though the shares were acquired as part of a shareholder-approved general repurchase authority, the JSE said a "prior understanding or arrangement" between Humulani and the directors existed. This is contrary to its listing requirements.The JSE says the repurchase from directors requires shareholder approval through a special resolu...
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