JSE in the hot seat at the PIC Inquiry

JSE general manager André Visser said they are proposing changes to the listing requirements after the Erin Energy, Ayo Technology and Sagarmatha deals came under scrutiny at the PIC Inquiry.

Visser appeared before the inquiry on Monday and said there was nothing uncommon in the listing of controversial company Ayo Technology Solutions late in 2017.

The company is part-owned by media mogul, Iqbal Surve and questions had been raised about the valuation of the deal.

Any date of the year that the JSE is open for business it is not uncommon for companies to actually list late in December”, said Visser.

Another deal linked to Survé is Sagarmatha, which the JSE pulled out of last minute, refusing to let the company list.

“What I need to stipulate is that the JSE needs to take any decision to approve the listing or to reject an application to list based on the facts before us not based on emotion or based what’s in the media, so I can categorically state that we took that decision completely dependent of any noise in the market.”

The commission resumes on Tuesday.

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Source: eNCA

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