South Africa: Brimstone, Nexttvest Guilty of Share-Price Fixing

Johannesburg — THE Financial Services Board (FSB) has found venture capital company Nexttvest Holdings and empowerment group Brimstone Investment Corporation guilty of share-price manipulation, and has referred the case to the prosecuting authorities.

The firms have joined a growing list of those under criminal investigation for share-price manipulation a crime for which no individual has yet been convicted in SA. Another high-profile case being probed is the one against Western Areas CE Brett Kebble over allegations that he manipulated the price of Harmony and Western Areas shares in 2000.

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