Trustco Group Holdings faces R5m fine from the JSE for unauthorised share disposal

TRUSTCO Group Holdings, the shares of which are suspended on the JSE, on Thursday received a R5 million fine and another public censure by the JSE for selling off shareholding in its mining subsidiary, Meya Mining, without shareholder approval.

- EDWARD WEST

Meanwhile, Trustco shareholders still await the publication of the latest annual results to August 31, 2024, which the company has blamed on JSE updates to auditor accreditation criteria that impacted Trustco's audit obligations as a Namibian company. Shareholders also await the release by the company of its stated plans to delist from the JSE, Namibia Stock Exchange, and the OTCQX Market in the US.

Meya Mining is registered in Mauritius and operates a diamond mine within the Eastern Province of Sierra Leone. During 2021, Namibia-based Trustco held 65% of Meya Mining through its wholly owned subsidiaries, Trustco Resources and Trustco Resources Limited, while the balance of the 35% stake was held by Germinate Limited.