Sunflowers: PMB businessman fined for price manipulation

2012-01-14 00:00

A PROMINENT Pietermaritzburg businessman, Mahomed Zubeir Moosa, the director of the Willowton Group, has been fined R4 million by the Financial Services Board’s (FSB) Enforcement Committee.

The Enforcement Committee is an administrative body that has the authority to impose administrative penalties, cost orders, and compensatory orders on offenders under FSB legislation.

It is alleged that Moosa manipulated Sunflower Futures Contracts. One of Willowton’s major products is Sunfoil, a sunflower cooking oil.

In a statement released by the Financial Services Board on Wednesday, it said the Directorate of Market Abuse (DMA) referred a case relating to the contravention of section 75 of the Securities Services Act, No 36 of 2004. This section of the law deals with market manipulation.

It was alleged that the trading by Mr Moosa affected the prices of Sunflower Future Contracts for the following expiries: October 22, 2008; December 18, 2008; January 21, 2009; March 20, 2009; May 20, 2009 and July 22, 2009.

The statements said Moosa co-operated fully with the DMA investigation and agreed to pay an administrative penalty of R4 million.

Repeated attempts to contact Moosa for comment yesterday were unsuccessful as his office said he was in meetings.

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