18 Jun 2003

Fiji authority moves against Fiji Holdings over price manipulation

12:30 pm on 18 June 2003

Fiji's Capital Markets Development Authority is to suspend the broking licence of Fijian Holdings Limited Securities for ten days next month for price manipulation.

The Fiji Times quotes the authority's chief executive, Julie Apted, as saying price manipulation is a serious issue because it undermines investor confidence and the integrity of the stock market.

But the company's chief executive, Mesake Nawari, says they plan to apply for a judicial review of their suspension.

Mr Nawari say Fijian Holdings Limited Securities has already been fined by the South Pacific Stock Exchange for the incident last year which involved the float of one-million US dollars worth of shares in the R.B Patel supermarket.