December 15, 2017

The COO of South African coal miner fined for insider trading

South Africa’s watchdog for the financial services sector, the Financial Services Board (FSB) has fined the Chief Operating Officer of triple-listed Coal of Africa, Michiel Brönn, about US $29, 000 for insider trading, for the contravention of Section 78 (1) (a) of the Financial Markets Act, 19 of 2012.

With the knowledge that, after the Department of Mineral Resources (DMR) had approved an application for Coal of Africa’s Makhado project, Coal of Africa shares would go rise to record levels, Brönn purchased 117 000 company shares. This was despite being instructed by the Coal of Africa’s CEO against trading in shares.

True to form, after Coal of Africa issued an announcement on the Makhado Project, the company’s shared rose phenomenally.

Meanwhile, in a statement Coal of Africa says it is reviewing the FSB’s findings.

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