South Africa regulator launches insider trading probe into Pinnacle

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JOHANNESBURG (Reuters) – South Africa's financial services regulator is investigating potential insider trading in shares of

An electronic board displays movements in major indices at the Johannesburg Stock Exchange in Sandton
An electronic board displays movements in major indices at the Johannesburg Stock Exchange in Sandton

mid-cap technology firm Pinnacle Holdings, a senior official said on Tuesday.

Solly Keetse, the head of the Department of Market Abuse at South Africa's Financial Services Board, told Reuters the regulator had launched a formal investigation into "possible insider trading in the shares of Pinnacle."

A Pinnacle director, Takalani Tshivhase, was arrested in March on charges he offered a bribe to a senior police official in order to win a contract for the company, a charge he has denied.

However the company waited 20 days to disclose the arrest, during which time Tshivhase and other directors sold Pinnacle shares.

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