CHAMWE KAIRA
The N$5 million fine and public censure imposed on Trustco Group Holdings by the Johannesburg Stock Exchange (JSE) remain binding and enforceable after the Financial Services Tribunal (FST) dismissed the company’s application for reconsideration.
The FST dismissed Trustco’s application on 20 August 2026, affirming the validity and enforceability of the penalties imposed by the JSE over the company’s implementation of a Category 1 transaction without the required shareholder approval.
The JSE said the penalties were originally imposed following an investigation into Trustco’s conduct. The sanctions comprised a public censure and a N$5 million financial penalty.
According to the JSE, Trustco knowingly implemented a Category 1 transaction without obtaining the requisite shareholder approval under the JSE Listings Requirements.
The exchange said this denied shareholders the opportunity to exercise their rights in relation to the transaction.
The penalties were initially announced by the JSE on 2 October 2025. Trustco disagreed with the JSE’s decision and subsequently applied to the FST on 8 December 2025 for reconsideration in terms of section 230(1) of the Financial Sector Regulation Act. The reconsideration application was heard on 14 August 2026.
Following the tribunal’s dismissal of the application, the JSE said its decision to impose the public censure and N$5 million fine remains binding and fully enforceable.
“Trustco is immediately liable for the payment of the financial penalty imposed,” the JSE said.
The ruling leaves Trustco with the obligation to settle the N$5 million penalty arising from the Listings Requirements contraventions.
Trustco Group, is a family-owned investment entity headquartered in Windhoek with varied investment portfolios, comprising insurance, real estate, micro-finance, education and mining.
The company owns shares in Meya Mining investment in Sierra Leone. Its insurance unit offers a diverse range of financial and risk products tailored for both individuals and small to medium-sized enterprises (SMEs) in Namibia.
Trustco’s real estate company focuses on sustainable mixed-use land development, addressing the pressing demand for serviced land and housing.
