Trustco scrambles to meet JSE deadline

20 January 2021 | Business

PHILLEPUS UUSIKU

Trustco Holdings Limited is scrambling to finalize and submit its financials as a Johannesburg Stock Exchange’s deadline, less than two weeks away, looms.

JSE announced earlier this month that the financial services company did not submit financials within the three-month period as obliged in the Listings Requirements (LR).

JSE gave Trustco until January 29 to submit its provisional financials or face suspension from the bourse.

Trustco spokesperson Neville Bassson this week told Market Watch that the company is on course to meet the deadline.

Basson said the audit process “is at an advanced stage of being completed”.

“Even with these setbacks, it is estimated that the provisional annual financial statements for the 18 months period ended 30 September 2020 will be published by 31 January 2021 or soon thereafter,” he added.

Basson pointed out that the audit team experienced delays in the commencement of their work mainly due to the audit team having had to wait for work visas to be able to work in Namibia during December 2020.

Another member of the audit team, Basson said, had tested positive for Covid-19 and the audit team had to delay their travelling to Namibia in January 2021, whilst waiting for their Covid-19 test results, he said.

The spokesperson also announced that Trustco’s audited annual financial statements for the 18 months period and the integrated annual report will be published by 28 February 2021, he said.

“If the above-mentioned company still fails to submit its provisional report on or before 29 January 2021, then its listing may be suspended,” said the exchange

‘Errors’

The JSE ordered listed Trustco Group to correct its financial statements after some errors were found in the company’s financials.

The JSE started a review process for Trustco in December 2019 and found that there were errors that pushed up Trustco’s profits by a combined N$2.1 billion.

On 15 January 2021, the company was reminded that on the 31 March 2020, Trustco changed its financial year end from 31 March to 30 September 2020.

It further reminded the company that on 2 November 2020, Trustco published interim audited financial statements for the 12-month period ended 31 March 2020.

The JSE underscored the accuracy and reliability of financial information published by companies, adding that such information is crucial in ensuring a fair, efficient and transparent market.

Trustco Holdings’ primary listing on the JSE and secondary listing on the Namibian Stock Exchange (NSX) means that the company is subject to and complies with the JSE Listings Requirements (LR) and the NSX LR.- [email protected]

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