Absa launches probe into pre-released results

2010-08-05 11:54

Listed banking group Absa has started a formal investigation into the circumstances that led to its interim results being published one day ahead of the scheduled date.

The results were published in the Financial Mail yesterday.

They were meant to be published today.

“We regard this matter as extremely serious and will be enlisting the services of an appropriate independent party to conduct the investigation,” said group chief executive officer Maria Ramos in a statement.

“Absa has already met with senior representatives of the Johannesburg Stock Exchange (JSE) and they have agreed to work together to finalise this matter,” she said.

The “leaking” of the results caused trading in Absa’s shares to be halted by the JSE yesterday afternoon.

The local bourse explained that it had taken action as there were “two levels of information in the market” with certain investors having seen Absa’s results in the Financial Mail magazine before they were released on the Stock Exchange News Service.

This morning, Financial Mail posted an apology in its sister publication The Business Day.

It said a few retail outlets in Johannesburg had received copies of the Financial Mail early.

“We would like to apologise to Absa for this error and the inconvenience it has caused them,” the Financial Mail said.

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