JOHANNESBURG - The Johannesburg Stock Exchange (JSE) on Friday censured prominent businessman Bhekokuhle Sibiya in his capacity as a lead independent director of technology firm, Alviva Holdings, after he was found in breach of the JSE Listing Requirements.
The JSE said Sibiya sold a total of 38,925 Alviva securities in two days in January without the required clearance and in a closed period, which had commenced on 1 January due to the pending publication of Alviva’s interim financial results ended 31 December 2016.
Sibiya has had extensive leadership experience in both the private and public sectors, and is a member of Alviva's audit risk committee, social and ethics committee and remuneration committee.
He previously headed up the Chamber of Mines, Wits Business School and Business Unity South Africa, is the past chairman of PPC and deputy chairman of Tiger Brands and held senior positions at Transnet, Tongaat-Hulett, South African Breweries, and the Black Management Forum.
The JSE said Sibiya also failed to disclose the trades timeously, a breach of three Listing Requirements.
According to the JSE Listing Requirements, any director who deals in securities is required to disclose the information required without delay and, in any event, by no later than three business days after dealing.
Also, a director may not deal in any securities without first advising the chairman in advance and receiving clearance from the chairman or other designated directors, and they many not deal in any securities during a closed period and if they are in possession of unpublished price sensitive information.
The JSE then decided to impose this public censure against Sibiya in relation to the breaches of the Listings Requirements.
Sibiya was not immediately available to comment on whether he will appeal the censure.
-AFRICAN NEWS AGENCY
- African News Agency (ANA)