FSB investigates suspect trades and possible insider trading
The investigation concerns Oakbay, Steinhoff, Vodacom, Famous Brands, Super Group, and WG Wearne
The financial regulator said in a statement this week that it will investigating possible insider-trading cases linked to shares of Steinhoff International Holdings, Vodacom Group, Famous Brands, Super Group and WG Wearne. It will also be probing share moves from when Oakbay listed in November 2014 through April 2015, as data compiled by Bloomberg reportedly shows that the company’s stock rose around 11 percent over that period.
According to Bloomberg, the FSB’s Steinhoff probe is for trading in August – the month when the furniture retailer was accused of dishonesty in a Manager-Magazin report concering Markus Jooste, its CEO. The report said the executive was under investigation by German prosecutors in a 2015 case linked to possible accounting fraud. As many by now know, Jooste resigned on Tuesday this week, following Steinhoff’s reporting of irregularities in its accounts. The backlash is still being felt, with the company’s share price having taken a huge hit.