Publications
Partners
Cape Town - The Enforcement Committee of the Financial Services Board (FSB) has fined Comair R70 000 for publishing false and/or misleading statements on the Stock Exchange News Service (Sens).
It found that Comair had made a mistake due to a bona fide oversight.
The Directorate of Market Abuse (DMA) referred the case against Comair to the FSB.
It related to a contravention of section 81 of the Financial Markets Act, in that on November 5 2013 Comair published two false and/or misleading statements regarding the dealings of its directors in Comair shares.
In a statement published at 09:35 on the Stock Exchange News Service, Comair stated that a non-executive director of Comair purchased 5 772 615 Comair shares at 300 cents per share (cps).
At 10:19 Comair published that another non-executive director purchased 22 794 439 Comair shares at 300 cps.
The publications occurred in circumstances where Comair ought to reasonably have known that the published information was false and/or misleading in that the two directors sold the shares.
The DMA took several mitigating circumstances into account when reaching the settlement, including the fact that the incorrect statements were due to a bona fide oversight.
Comair acted swiftly by causing a publication of a correction as soon as it became aware of the error and cooperated fully with the investigation.
Apart from the penalty of R70 000 a cost order of R30 000 was made against Comair.
It found that Comair had made a mistake due to a bona fide oversight.
The Directorate of Market Abuse (DMA) referred the case against Comair to the FSB.
It related to a contravention of section 81 of the Financial Markets Act, in that on November 5 2013 Comair published two false and/or misleading statements regarding the dealings of its directors in Comair shares.
In a statement published at 09:35 on the Stock Exchange News Service, Comair stated that a non-executive director of Comair purchased 5 772 615 Comair shares at 300 cents per share (cps).
At 10:19 Comair published that another non-executive director purchased 22 794 439 Comair shares at 300 cps.
The publications occurred in circumstances where Comair ought to reasonably have known that the published information was false and/or misleading in that the two directors sold the shares.
The DMA took several mitigating circumstances into account when reaching the settlement, including the fact that the incorrect statements were due to a bona fide oversight.
Comair acted swiftly by causing a publication of a correction as soon as it became aware of the error and cooperated fully with the investigation.
Apart from the penalty of R70 000 a cost order of R30 000 was made against Comair.
