FSB will investigate insider trade claims around benefits of currency

The Financial Services Board (FSB) has confirmed it is investigating some foreign exchange futures contracts, amid suggestions they were made by people who knew that former finance minister Pravin Gordhan was going to be called back from London by President Jacob Zuma and that he would then fired.

Rob Rose, Editor at the Financial Mail magazine spoke with Midday Report host, Stephen Grootes about this.

I think they should take these seriously because there were lots of rumours doing the rounds back in 2015 when Nhlanhla Nene got fired that certain people profited from the rand's fall against the dollar at the time.

Rob Rose, Editor at the Financial Mail magazine

Rose says there were certainly people who did have advance knowledge that Pravin Gordhan would get fired. Anonymity given by the volumes of foreign exchange traders makes it easier for people to make money from such advance information, he adds.

The JSE for example has an oversight over certain foreign exchanges futures contract. They also have oversight over some of the exchange credit funds.

Rob Rose, Editor at the Financial Mail magazine

Rose explains that bank shares fell tremendously in the week after Gordhan was fired. In the case that involved Nene, a whistleblower came forward and said advanced knowledge was held by a few people and some companies then traded on this.

He emphasises that this is something authorities need to take seriously and investigate.

Listen to the full interview in the audio below:


This article first appeared on 702 : FSB will investigate insider trade claims around benefits of currency


Recommended

by NEWSROOM AI
Read More
Trading kicks off on SA's new stock exchange, ZARX

Trading kicks off on SA's new stock exchange, ZARX

ZARX's real-time settlement and higher liquidity creates a strong competing platform for the JSE.

New fund allows 100% tax deduction for investing in “junior” mining companies

New fund allows 100% tax deduction for investing in “junior” mining companies

The Money Show’s Bruce Whitfield interviews JSS Empowerment Mining Fund Managing Director Gaurav Nair.

Woollam denies Lewis Stores claims of ongoing investigation against him

Woollam denies Lewis Stores claims of ongoing investigation against him

Shareholder activist David Woollam has been cleared of insider trading by FSB following claims by Lewis.

SAA to reportedly pay BnP Capital R49m after ditching dogdy deal

SAA to reportedly pay BnP Capital R49m after ditching dogdy deal

Civil group Outa says SAA Chair Dudu Myeni risks facing corruption charges if she pays a R49.9m cancellation fee to BnP Capital.

Questions you should ask your financial advisor

Questions you should ask your financial advisor

This week Paul Roelofse writes about the trustworthiness of financial advice and some questions you should have answered.

How 'Twin Peaks' will change financial regulation in South Africa

How 'Twin Peaks' will change financial regulation in South Africa

What is “Twin Peaks” and what can we expect from this reform? How will it be implemented and how will it work?

#Spycables: South Africa's top-secret intelligence documents leaked

#Spycables: South Africa's top-secret intelligence documents leaked

Top secret documents from the world's spy agencies leaked to an Al Jazeera investigative unit exposes SA's state of security.

#SpyCables are SA's biggest intelligence leak, ISIS-SA links, Makhura on e-tolls

#SpyCables are SA's biggest intelligence leak, ISIS-SA links, Makhura on e-tolls

A round up of the day's talkers

How to make the most of a financial windfall (tax refund, bonus, gift, etc.)

How to make the most of a financial windfall (tax refund, bonus, gift, etc.)

Make the most of an unexpected (or expected) windfall such as a bonus, inheritance or (we can dream, can’t we?) lottery jackpot.

Popular articles
[LISTEN] New Visa regulations could change the face of South African tourism

[LISTEN] New Visa regulations could change the face of South African tourism

Lecturer at TUT's Dept of Tourism, Unathi Henama says that the tourism sector is at the center of the economic policies in SA.

Creativity is not respected... People take but don't credit - Nompumelelo Mqwebu

Creativity is not respected... People take but don't credit - Nompumelelo Mqwebu

Author of 'Through the Eyes of An African Chef', Nompumelelo Mqwebu, chats about some of the challenges she's faced in her career.

We call it Heritage Day so it's more inclusive - Coconut Kelz (Lesego Thlabi)

We call it Heritage Day so it's more inclusive - Coconut Kelz (Lesego Thlabi)

In this segment of the Current Affairs with Coconut Kelz, satirical comedian Lesego Thlabi channels Kelz to chat about Heritage Day.

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.

Charity loses R39k event deposit after previous Ritz Hotel management goes awol

Charity loses R39k event deposit after previous Ritz Hotel management goes awol

The Ritz Hotel is under new management and the money paid to previous management has still not been refunded.

DStv Premium on a downward spiral, warns tech guru

DStv Premium on a downward spiral, warns tech guru

DStv has lost about 140 000 Premium subscribers to Netflix over the past two years, tech expert Arthur Goldstuck.

Transgender 'dragon lady' has ears removed and says testicles are next to go

Transgender 'dragon lady' has ears removed and says testicles are next to go

Tiamat Medusa has undergone extreme body modification and claims to be the most modified trans person in the world.