Honey, Nedbank shrunk the shares


Honey, Nedbank shrunk the shares

In a better world the head of Nedbank Capital, Brian Kennedy, would, by now, be in jail.

Why? Well, Nedbank and a delinquent investor, Jacobus Frederick de Beer, ramped up huge losses for the Acc-Ross Pinnacle Group by  first driving the share price up and then disposing of their shares quietly at the inflated price. An ugly bit of insider trading if ever there was one.

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Keywords:
Nedbank Capital
Nedbank
Brian Kennedy
Single-stock Options
Share Price Ramping
Acc-ross
Pinnacle Point Holdings
Kevin De Villiers
Moti
Zunaid Moti
Abalengani
Absa
Allied Bank
Deon Basson
Registrar Of Banks
Errol Kruger
Wilfred Robinson
Jacobus De Beer
Jansk International (bvi)
Bmh Management Sa
Sa Futures Exchange
Gauteng Corporate Services
South Africa
Insider Trading
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Submitted by : John Louw of Johannesburg on 2010-03-26 11:20:53
This is almost entirely a result of the lack of proper surveillance by our esteemed JSE (yes the same JSE that failed, with the FSB, to probe the massive market abuse committed by our two most illustrious listed companies, JCI and Randgold & Exploration, both of which are likely to have their suspensions lifted soon!). The single stock futures market is very lucrative to the JSE, why would it want to put any restrictions on the build up of physical share holdings underpinning SSF contracts?
Caveat Emptor!

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