South Africa’s Times Media Group (TMG) is under investigation for alleged insider trading during a closed period, according to a report.
Business Report reports the company is being investigated by the directorate of market abuse at the Financial Services Board (FSB) and investigators at the Johannesburg Stock Exchange (JSE).
“We are aware of this matter and are investigating accordingly,” said Eure Saaiman, head of the investigations unit at the JSE, told the publication.
Investigators are seeking to find out how Caxton liquidated its stake in TMG by selling shares to BlackStar, a major shareholder in TMG, during its closed period.
BlackStar was founded by TMG chief executive officer (CEO) Andrew Bonamour.
HumanIPO reported the sale of the shares last month, increasing BlackStar’s stake in TMG to 32.3 per cent.
The sale by Caxton came after it reduced its stake in TMG from 11.6 per cent in June last year to 7.53 per cent in January.
