Wesizwe Platinum: Zero tolerance for R65 000 error

A typographical error has landed Wesizwe Platinum in hot water with the Financial Services Board (FSB). The JSE-listed firm will pay a R65 000 penalty after being found guilty of contravening the Securities Services Act, due to omitting a “0” in an update to the market on March 7, regarding its expected earnings a share and headline earnings a share for the year to December. The directorate of market abuse reported the matter earlier this year. “The publication occurred in circumstances where Wesizwe ought to have known the published information was false and/or misleading,” FSB spokesman Tembisa Marele said yesterday. Wesizwe had notified the JSE of the error and trading in its shares was halted, mitigating the effect this would have on the market, he said. The right information was published the same day. Shares rose 3.75 percent to close at 83c yesterday.