It’s not the spear, but ...
ROB ROSE: Crowdfunders help equity trader who showed state capture the finger
It was more than just the most creative protest against state capture in recent times; it was a statement about how slack the authorities are when it comes to detecting insider trading
Former Allan Gray equity trader James Gubb’s real sin wasn’t manipulating the share price of Oakbay with just R400. Rather, it was embarrassing the dozy regulators at the Financial Services Board (FSB) who’re meant to nail real cases of insider trading. As is now fireside fable, Gubb executed a series of trades with himself at both sides (through separate stockbroking accounts at Peregrine and Nedbank) to push the price of Gupta-owned uranium company Oakbay to levels that, when plotted on a graph, revealed an upturned middle finger. This pretty much sums up Gubb’s sentiment towards the Guptas, as well as to the entire web of Jacob Zuma kleptocrats in thrall to the odious family."I first came up with the idea about 10 years ago, when I was working as a fund manager at Southern Life," he says. "But I’d never found the right company to make the trades with. Oakbay was the perfect case, tapping into the moral outrage about state capture." Gubb is right that he couldn’t have hoped for a ...
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.