The temptation to respond with a shrug to news that SA’s market conduct regulator is investigating trades in the share of Ayo Technology Solutions and its main shareholder, African Equity Empowerment Investments , for possible market manipulation may well be too strong for some investors.
The controversies around Ayo have been well documented and the company has been a consistent subject in the deliberations of the commission of inquiry into the Public Investment Corporation. Ayo is by no means the only company under scrutiny. Other transactions in the spotlight include trade in the shares of Atlatsa Resources Corporation, Capitec, Fortress Income Fund, Greenbay Properties and Nepi Rockcastle.
The FSCA announced last year it was investigating the allegations and also probing whether directors had committed insider trading. And then for months not a word, other than that the investigation was ongoing. This, of course, created uncertainty for shareholders and the companies. Then last week the FSCA announced that it had cleared the companies’ directors of insider trading. This took too long and was not fair on the people involved.
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