Bonatla CEO fined half a million rand by JSE - CNBC Africa

Bonatla CEO fined half a million rand by JSE

Southern Africa

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The JSE says 250,000 rand of the 500,000 rand would be suspended for twenty four months.

The JSE has imposed a fine of 500,000 rand on Bonatla Property CEO, Niki Vontas in relation to several breaches of its listing requirements.

It added that 250,000 rand of the 500,000 rand would be suspended for 24 months.

According to the exchange, it has been conducting an investigation into the actions of Vontas in his capacity as chief executive (CEO) of [DATA BNT:Bonatla.]

Vontas was found to be in breach of five of the general principles of the JSE listings requirements, including for failing to ensure full and timeous public disclosure regarding the activities of the company that are price sensitive.

“The JSE’s decision is based on the fact that Mr Vontas in his capacity as the CEO of Bonatla misled the JSE by providing the regulator with written undertakings that it had fulfilled all the criteria for listing thereby causing the JSE to lift the suspension of Bonatla securities in August 2009,” it said.

“[As well as] Mr Vontas’s failure to inform the JSE of material events and information affecting the status of Bonatla’s listing on the JSE as soon as he became aware thereof or at any time thereafter, which information formed the basis of the JSE’s decision to lift the suspension of Bonatla’s securities.”

The exchange further announced that it had decided to impose a public censure on Bonatla in relation to the cited breaches of the listing requirements.

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