BRIEF-Ecsponent Says FSCA To Withdraw Licence Of EFS, Impose Administrative Penalty Of R3 Mln

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BRIEF-Ecsponent Says FSCA To Withdraw Licence Of EFS, Impose Administrative Penalty Of R3 Mln
Credit: © Reuters.

June 5 (Reuters) - Ecsponent Ltd ECSJ.J :

* ECSPONENT FINANCIAL SERVICES PROPRIETARY LIMITED: WITHDRAWAL OF LICENCE AND FSCA PRESS RELEASE

* FSCA HAS FINALISED THEIR INVESTIGATION INVOLVING COMPANY'S SUBSIDIARY, ECSPONENT FINANCIAL SERVICES PROPRIETARY LIMITED

* FSCA DECIDED TO WITHDRAW LICENCE OF EFS AND IMPOSE AN ADMINISTRATIVE PENALTY OF R3 MILLION

* FSCA'S INVESTIGATION FOCUSED SOLELY ON ADVICE AND INTERMEDIARY ACTIVITIES OF EFS AND NOT THOSE OF ECSPONENT

* EFS HAS, WITH EFFECT FROM 11 FEBRUARY, NOT PROVIDED FINANCIAL ADVICE ON ANY NEW BUSINESS AND COMPANY WILL RESOLVE TO UNWIND EFS

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