As WeBuyCars owner crashes almost 70%, company defends CEO's R50m share sale in Dec | Business

SA's biggest taxi financier Transaction Capital, whose shares have lost more than two thirds of their value over the past week, says a hefty share sale by a trust associated with CEO David Hurwitz was required by lenders, while it took place in an allowed period.

Hurwitz's family trust - the Dovie Trust - had sold the shares in Transaction Capital in mid-December, which has raised eyebrows given a massive slump in the group's share price this week. Transaction said on Wednesday there had been speculation in the press and direct queries from several shareholders, but the company confirmed the CEO followed the correct procedures. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

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