Trustco kicked off JSE

The Johannesburg Stock Exchange (JSE) yesterday suspended trading in Trustco Holdings’ shares with immediate effect.In a statement released by the JSE, the bourse said Judge Sulet Potterill handed down her decision in a review application brought by Trustco in the High Court of South Africa in September.Potterill dismissed Trustco's review application with costs.The application followed the JSE’s announcement in August, which provided stakeholders with an update on the legal proceedings that had occurred since the bourse had informed the market that the JSE decided to suspend the listing of the Trustco's securities due to its failure to comply with:&bull;The JSE's decision of 11 November 2020, in which the JSE, first, found that Trustco did not comply with the listings requirements in relation to its annual financial statements for the year ended 31 March 2019 and interim results for the 6 months ended 30 September 2019, and, second, directed Trustco to take steps to rectify its non-compliance,&bull;And the ruling of the Financial Services Tribunal of 22 November 2021, which dismissed Trustco's application for reconsideration of the JSE's decision.The issue between the JSE and Trustco revolves around the waiver of two loans by the Namibian-based group’s majority shareholder, Quinton van Rooyen – one of N$545.6 million and the other N$1 billion – as well as certain of Trustco’s Elisenheim properties.Meanwhile, the Bank of Namibia (BoN) is applying for the liquidation of Trustco Bank, arguing that it does not have the requisite funds to operate as a commercial bank.This according to an affidavit by central bank governor Johannes !Gawaxab, who said concerns include Trustco Bank's inability to operate as a going concern over fears that it failed to generate loans to third parties, Trustco Group’s failure to recapitalise the bank to the tune of N$100 million and the inability of the bank to honour its existing loan obligations.“Trustco Group was directed to recapitalise Trustco Bank in an amount of N$100 million, in the form of cash in three equal tranches over a three-year period. This was to ensure ample liquidity to meet funding obligations as they fell due and capital adequacy required to continue as a going concern,” !Gawaxab said.While an initial transfer had been made, this money was redirected back to the Trustco Group, defeating the objectives of the recapitalisation, he added.

Trustco kicked off JSE

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Trustco kicked off JSE

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