JOHANNESBURG - The Financial Sector Conduct Authority (FSCA) said that it had wrapped up a further three insider trading investigations into the Steinhoff International shares, and had found no evidence of insider trading into shares worth hundreds of millions of rand.
The FSCA was investigating Steinhoff after a pproximately 30.7 million shares were traded with a total market value of over R1.7 billion in the week prior to the December 2017 share collapse following the announcement delaying the annual financial statements of the group.
"We found no reason to believe that any of these shares were traded in contravention of the Financial Markets Act," said Brandon Topham, divisional executive for investigation and enforcement at the FSCA.
The FSCA has closed its files on three accounts where over R418 million worth of shares were traded.
This brings the total number of accounts investigated for insider trading with no adverse finding to a total of 56.
The FSCA said that f urther accounts where R46 million worth of shares were traded will continue to be investigated and an update will be issued upon finalization of the investigation.
- African News Agency (ANA)