FSB probes trades in Gupta-linked Oakbay, Steinhoff and others

• READ: Guptas inflated Oakbay price through trade by Singapore firm

In March 2015, Oakbay’s 15-day simple moving average was more than 5 100 shares. By the time its listing was terminated, that had dropped to 280 shares.

Insider trading

The FSB said it’s also investigating new possible insider-trading cases linked to shares of retailer Steinhoff International Holdings, wireless carrier Vodacom Group, Famous Brands, Super Group and WG Wearne.

The Vodacom probe covers trading in October. It was in that month that South Africa’s Competition Commission announced it had started an investigation into possible abuse of dominance after Vodacom secured an exclusive contract with the National Treasury.

Vodacom’s stock declined for two consecutive days prior to that announcement and had dropped more than 1% on October 4 before the antitrust body’s statement.

The FSB’s Steinhoff probe is for trading in August. That was the month in which the retailer was accused of dishonesty in a Manager-Magazin report about Chief Executive Officer Markus Jooste being among employees under investigation by German prosecutors in a 2015 case linked to possible accounting fraud. Jooste resigned on Tuesday after Steinhoff reported irregularities in its accounts that require further investigation.

• READ: Christo Wiese jumps in as Steinhoff CEO quits over accounting failures

There are also two fines pending. The FSB said there will be enforcement action taken for trading in 2014 in what was Times Media Group stock, now Tiso Blackstar Group, and for a case of false or misleading reporting for the December 2015 white maize futures contracts.