Inside trading

[suki]

The managing director of Scharrighuisen Drilling, Johan Pieterse, has been fined R1m by the Enforcement Committee of the Financial Services Board (FSB) for insider trading. The Committee considered allegations of contraventions of section 73 of the Act (insider trading) against Pieterse and one Nicolaas van der Merwe. Pieterse, a managing director of Scharrighuisen Drilling, a subsidiary of Sentula Mining Limited, was privy to inside information during 2008, about an impairment of assets in the subsidiary. He admitted the allegations and tendered a penalty of R1m. The Committee imposed the penalty of R1m. The case against Van der Merwe was postponed for additional evidence to be filed, the FSB said.

[#2]

Those guys sold at around R23 a share, a total value of around r4m of shares were sold buy directors of subsidiaries. considering that the share is currently sitting are R2,40 a share, I think I would be OK with a R1m slap on the wrist, personally