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TRUSTCO SCORES MAJOR COURT VICTORY AGAINST JSE

TRUSTCO SCORES MAJOR COURT VICTORY AGAINST JSE

Financial Reporter

TRUSTCO scored a major victory against the Johannesburg Stock Exchange (JSE), which is the biggest Stock Exchange in Africa with a 134-year history, with an interdict by the South African High Court that restrained the JSE in its actions against the Trustco-listing.

The epic David and Goliath struggle of gigantic financial proportions – saw Trustco finally receiving justice with the South African High Court restraining the JSE from suspending the Trustco-listing and also ordered the JSE to pay the cost for the Trustco urgent application, including the cost of two of counsel.

Trustco was forced to launch an urgent application to the High Court of South Africa on an urgent basis to prevent the JSE from enforcing its unjustified issued suspension decision.

The major Trustco court victory is the second urgent application that Trustco success fully sought against the JSE in the South African High Court.

Judge J Janse van Nieuwenhuizen dismissed each and every argument the JSE brought against Trustco. The Judge said that in determining Trustco’s prima facie right to this urgent interdict the court also “peeked” at the grounds for review.

Trustco’s grounds for review inter alia included a mr. A.F. Visser’s lack of authority as he is not a director of the JSE, but assumes the authority of a director. Trustco argued that the JSE is not following its own Listing requirements.

Trustco also stressed the argument that the Composition of the Financial Services Tribunal , who were composed of a retired judge, a senior council and an attorney lacked the accounting experience required.

Judge Janse van Nieuwenhuizen said in her judgement that the grounds of review are all deserving of a proper hearing in due course.

“I am satisfied that Trustco has asserted a prima facie right to fair and just administrative action.”

On 8 December 2021 Trustco’s minority shareholders voted by a majority of 98,08% that the responsible parties be held accountable for any shareholder value destruction during the process and Trustco will in due course ensure that this comes to pass.

The interdict restrains the JSE from suspending the Trustco listing on the Johannesburg Stock Exchange; implementing the financial Tribunal’s restatement decision and attempting or implement the decision that Trustco restate its annual financial statement for the year ending 31 March2019 and the interim results for the six months ending 30 September 2018.

JSE persisted on implementing its suspension decision in spite of various and continuous efforts by Trustco to solve the outstanding JSE-issues that Trustco strenuously denied, but rather tried to solve.

The JSE’s order to Trustco to restate their financial statements remained an impossibility as set out in various matters and applications (which can be viewed at https://www.tgh.na/downloads/).

The Chief Executive Officer (CEO) of Trustco, Dr Quinton van Rooyen, said “Trustco was founded on the principles of the access of justice for all and the South African High Court’s decision proved that right will always triumph over might”.

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