A decision will soon be made on the fallout of the Greg Blank case, reports Jacques Magliolo
THE Johannesburg Stock Exchange (JSE) will decide within the next few weeks whether to charge stockbroking firms and individuals implicated in the well publicised 1991 R35- million scam, say two reliable sources within the exchange.
These insiders say the JSE investigating committee will make an announcement on a number of issues. These will determine whether staff members at stockbroking firms Ed Hern, Rudolph (EHR) and Frankel Pollak Vinderine (FPV) have enriched themselves through the scam.
Other issues being assessed include whether these firms were negligent in their surveillance and statistical reporting of all trades and whether brokerage and marketable securities taxes were withheld.
The JSE says it cannot comment before its findings have been concluded.
The JSE can act in terms of its own rules against the firms as well as against individuals.
If the JSE finds the firms guilty
it could refer the matter to its own disciplinary committee, appoint a tribunal — chaired by a supreme court judge — or accept an admission of guilt if admission is
If FPV and EHR are found guilty, they could face a reprimand with or without publicity, be fined, suspended or expelled from the JSE. The committee could also refer its evidence to the attorney general.