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JSE censures Christo Wiese’s Invicta

Rebuke linked to September 2015 acquisition of 1.8 million shares in Invicta by Humulani Marketing.

JOHANNESBURG – South Africa’s bourse operator, JSE, on Tuesday publicly censured billionaire Christo Wiese’s venture Invicta Holdings for breaches of its listing rules related to last year’s share buyback.

The JSE, which runs Africa’s biggest and most liquid stock exchange, said the rebuke was linked to the September 2015 acquisition of 1.8 million shares in Invicta by one its subsidiaries, Humulani Marketing, from the company’s two directors.

“Despite such repurchases having been effected through the order book operated by the JSE trading system, a prior understanding or arrangement between Humulani and the directors existed,” the JSE said.

The censure amounts to a public rebuke of Invicta but does not carry a fine or penalty.

Invicta, a retailer of agricultural machinery that is controlled by Wiese, said it informed the JSE immediately on becoming aware of the breach and its directors cooperated fully in resolving it. 

“The relevant transactions were cancelled and the company reimbursed each and every cost related to the matter, including all transaction costs, interest and legal fees,” the company said. 

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Wiese – – – – – – this guy is too often on the negative side of financial reports – – – – despite his spectacular wealth – not the kind of guy to do business with IN MY VIEW

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