SOUTH AFRICA: Claims of insider trading hangs over KWV
This was the second time he raised the question, claiming the first time he raised it at the KWV Co-operative AGM in October, he was not taken seriously despite promises that the matter would be formally investigated.
He claimed the trading took place just before structural changes to be initiated to separate the commercial and producer interests of the organisation earlier this year.
An earlier informal investigation by KWV's auditors PriceWaterhouseCooper could not establish whether there was any insider trading.
Smit contended that an independent forensic audit should be carried to cut out any lingering doubts about the issue. He exchanged a short sharp exchange of views with chairman Lourens Jonker and MD Dr Willem Barnard, before it was suggested that he propose a motion. This was countered by a proposal by another director, Chris du Toit, which carried the day.
Smit sought legal council after the meeting and has decided, in the light of the counter proposal and not wanting to compromise his source of information, to drop the matter.
There is, however, a great deal of speculation about the allegations and to what extent it affects the credibility of the company
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