The Financial Services Board (FSB) has dropped its probe into allegations of insider trading at Pinnacle Holdings, closing a chapter that began in April.
The FSB was examining trades that took place in March when Pinnacle executive Takalani Tshivhase was arrested on charges of bribery, and when the listed company informed shareholders of the fact, 20 days later, when he was charged.
In a statement sent to shareholders today, Pinnacle says it was informed "the directorate of market abuse at the FSB, at a meeting on 16 September 2014, decided to close the investigation and no enforcement action will be taken".
Tshivhase charges
The FSB decision comes three weeks after Pinnacle announced charges against Tshivhase have been dropped due to insufficient evidence.
At the time, the company said: "Mr Tshivhase has received written notification from the Specialised Commercial Crime Unit of the National Prosecuting Authority of South Africa (SCCU), that after careful consideration of the evidence at their disposal and consultation with, and evaluation of the reliability of all the state witnesses, the SCCU has come to the conclusion that the evidence presented is insufficient to provide a reasonable prospect of a successful prosecution."
Pinnacle said Tshivhase would resume his duties, following his suspension during the investigation.
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