Johannesburg — THE JSE may well be liable for losses investors incurred after the collapse of Dealstream, but there seems to be a flaw in the curator's report, and that is the fact the Financial Services Board's (FSB' s) role has not been overtly questioned.

While it has been clear since last month that the JSE knew of Dealstream's misleading information for more than two years, it is still not clear when the FSB was informed . It is possible, but seems unlikely, that it was never informed of Dealstream's oddities.

But let's not forget that the provisional curator was appointed by the FSB. Will the curator act to protect the FSB while finding an obvious scapegoat in the JSE?

In instances like these all parties are meant to display transparency and independence, but when there is a sizable pot of money at stake it is hard to believe there are no conflicts of interest.

The Bottom Line is Edited By Edward West