SA tribunal upholds JSE censure of Trustco regarding Huso transaction
Following the Johannesburg Securities Exchange’s action against Trustco Group Holdings Ltd for not keeping shareholders informed about the Huso transaction in 2017, an application for reconsideration was rejected this week by the Financial Services Tribunal in South Africa.
Group Managing Director, Dr Quinton van Rooyen commented “It is regrettable that we’ve reached a point where it’s presumed that regulators are infallible. It is essential for justice not only to be done but also seen to be done. Furthermore, it’s evident from the track record of companies subject to censure that the JSE exercises its rules with complete discretion, and the Financial Services Tribunal has never found against the JSE, indicating that the JSE is not capable of making a wrong decision”
“Trustco however, maintains its position that it acted in good faith throughout the process, adhered to the prescribed JSE Listings Requirements regarding SENS announcements and disclosure to its shareholders, obtained the necessary approvals from accredited independent JSE auditors and IFRS experts and received approval on its circulars from the JSE itself during the process.
“Trustco remains committed to the highest standards of corporate governance, transparency, fair dealings and interactions with all stakeholders. The board takes its oversight duties seriously and will continue to exercise independent judgement in the best interests of the company and shareholders.
“Although Trustco is disappointed by the censure, it accepts the ruling of the Financial Services Tribunal upholding the JSE’s decision. Trustco will always abide by the rule of law.