Recently, when the JSE imposed its maximum available financial penalty of R7.5m on Tongaat Hulett for issuing misleading and false information to investors, commentators rightly bemoaned the paltry fine in the context of the huge losses inflicted on shareholders. If the JSE had the power to impose much greater penalties, some argued, it would deter dodgy corporate behaviour.

However, that would only be true if the JSE were willing to use that power — and to use it swiftly — against those actually responsible for wrongdoing...

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