JSE to consider lifting Trustco suspension once it restates financials
The Johannesburg Stock Exchange (JSE) has said it would consider lifting the suspension of Namibian company Trustco as soon as it restates its financials.
Earlier in the week, the North Gauteng High Court in Pretoria dismissed an appeal by Trustco against a previous finding by the JSE that it hadn't complied with accounting standards.
The ruling triggered the immediate suspension of the group's shares on the JSE and the Namibian Stock Exchange (NSX), where Trustco is dual-listed.
Following the ruling, Trustco's founder and CEO, South African-born Quinton van Rooyen, confirmed the group would restate its financials as ordered by the JSE.
Trustco, which has interests in financial services, property and mining, previously argued the local bourse had no power to compel it to change its financials.
But this week, Van Rooyen said the ruling had put the matter to rest.
The South African bourse has now said it will consider lifting the suspension once it sees proof that Trustco has restated its financials.
"If the JSE decides to lift the suspension of Trustco's securities, this decision will be implemented expeditiously, and trading of securities will commence very shortly after the JSE's decision," said Andre Visser, director of issuer regulation at the JSE.
As News24 previously reported, the JSE probe of Trustco found that it had incorrectly booked gains of R1.5 billion after Van Rooyen waived two loans he made to the group.
Reversing these gains will decrease the group's profit. – Fin24
Earlier in the week, the North Gauteng High Court in Pretoria dismissed an appeal by Trustco against a previous finding by the JSE that it hadn't complied with accounting standards.
The ruling triggered the immediate suspension of the group's shares on the JSE and the Namibian Stock Exchange (NSX), where Trustco is dual-listed.
Following the ruling, Trustco's founder and CEO, South African-born Quinton van Rooyen, confirmed the group would restate its financials as ordered by the JSE.
Trustco, which has interests in financial services, property and mining, previously argued the local bourse had no power to compel it to change its financials.
But this week, Van Rooyen said the ruling had put the matter to rest.
The South African bourse has now said it will consider lifting the suspension once it sees proof that Trustco has restated its financials.
"If the JSE decides to lift the suspension of Trustco's securities, this decision will be implemented expeditiously, and trading of securities will commence very shortly after the JSE's decision," said Andre Visser, director of issuer regulation at the JSE.
As News24 previously reported, the JSE probe of Trustco found that it had incorrectly booked gains of R1.5 billion after Van Rooyen waived two loans he made to the group.
Reversing these gains will decrease the group's profit. – Fin24
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