The Insider Trading Directorate has closed its probes into share transactions in technology companies NetActive and Top Info Technology Holdings.
The Financial Services Board, under which the directorate operates, says an investigation is closed once it becomes evident that no or insufficient evidence has been obtained to warrant action in terms of the Insider Trading Act.
The Top Info Technology Holdings investigation related to share trades in January 2001. That month also saw the resignation of founder and CEO Justin Adriaanse and fellow director Chris Kleingeld.
The two later formed pain alleviation technology company APS Technologies.
Top Info Technology Holdings was liquidated later that year after running up debts estimated at between R25 million and R30 million.
The NetActive probe involved share trades in July 2002. NetActive was later renamed CCN Holdings after selling its Internet service provider and acquiring an outsourced contact centre services provider. The company is planning to delist from the JSE.
The only new case being investigated relates to trade in Cadiz Holdings shares last month. Cadiz is a niche financial services company.
The Insider Trading Directorate is now investigating share trades in only seven companies: Cadiz Holdings, Hosken Consolidated Investments, Omega Alpha International Info Technology Holdings, Primedia, Redefine Income Fund, Sempres International Technology Holdings and Specialised Outsourcing.
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