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Heads roll at PSG

Apr 09 2009 11:24 Marc Ashton*

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Johannesburg - Two staff members have left PSG Konsult, the securities trading division of the JSE-listed PSG Group, after allegations of fraud.

Head of dealing Johnny Macrides has been dismissed after an internal disciplinary hearing held earlier this week, and compliance officer Kerstin Jatho resigned.

This was confirmed by PSG Konsult CEO Willem Theron in a telephonic interview with Fin24.com on Thursday morning.

Theron said: "This was an isolated incident and it was traced quite quickly," adding that the monetary value of the fraud remained "negligible".

According to Theron, a new compliance officer has already been appointed and will start on May 1.

Theron was "reassured" by the fact that internal systems had allowed the firm to pick up fraudulent activities quite quickly, and that the JSE had also indicated to PSG Konsult that they had identified irregular trading activities.

* The writer holds shares in PSG.

- Fin24.com

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