Un­pop­u­larly pop­u­lar

Finweek English Edition - - Letters -

WHAT HAP­PENED FOR THE SEC­OND TIME in the past few weeks In­vestec has been high in the pop­u­lar­ity – as well as the un­pop­u­lar­ity – stakes, but once again emerged hon­ourably. This time it was trade union Sol­i­dar­ity that came sec­ond by hav­ing to with­draw its charges of in­sider trad­ing against the bank. That fol­lowed SA Re­serve Bank Gov­er­nor Tito Mboweni’s ear­lier dis­com­fi­ture over the com­pany’s reve­la­tion about South Africa’s in­fla­tion fig­ures. THE CIT­I­ZEN said Mboweni, who had threat­ened In­vestec CEO Steven Kos­eff with a call from the Regis­trar of Banks, should calm down and take note of the in­fla­tion de­bate with­out be­ing hy­per­sen­si­tive. Busi­ness Day said Sol­i­dar­ity is a good trade union that usu­ally wages a com­mend­able bat­tle but it clearly made a huge blun­der in sug­gest­ing in­sider trad­ing.

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