Published, 7 November 2019 Business Report

Cape Town – Sekunjalo Investment Holdings (Sekunjalo) has hit back at the search and seizure raid conducted by the Financial Sector Conduct Authority (FSCA) at its offices on 9 October.

The application requests the court to order the FSCA to return its seized documentation, unopened and declare the raid unconstitutional.

Sekunjalo said that in February 2019, Sekunjalo requested the FSCA to investigate share trades in three Johannesburg Stock Exchange (JSE) listed companies within the Sekunjalo Group – AEEI, Premier Fishing & Brands and AYO Technology Solutions Ltd. It requested the FSCA to launch an urgent investigation and in particular, focus its attention on certain trades that had been conducted over the preceding six  months.

Sekunjalo says that it believed the transactions were aimed at lowering the share prices to profit from shorting the shares in AEEI, Premier Fishing s and Brands and AYO.

Please read full article here.