The Financial Sector Conduct Authority said 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 approximately 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. Brandon Topham, divisional executive for investigation and enforcement at the FSCA, said: “We found no reason to believe that any of these shares were traded in contravention of the Financial Markets Act.”
The FSCA said that further 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.