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Probe into possible insider trading over Steinhoff

Steinhoff's collapse would not result in financial instability, the South African Reserve Bank has said
Steinhoff's collapse would not result in financial instability, the South African Reserve Bank has said

South Africa's Financial Services Board is investigating two cases of possible insider trading and one of false or misleading statements relating to Steinhoff.

The FSB has requested information from German authorities, including the Frankfurt Stock Exchange, and is in regular contact with the Johannesburg Stock Exchange, it added.

Meanwile, the South African central bank is also investigating whether Steinhoff had breached any exchange control laws or regulations, the regulator said in a statement to a parliamentary committee today.

The South African Reserve Bank said it was ready to cooperate with local and international regulators as well as law enforcement authorities investigating Steinhoff. 

Were Steinhoff to collapse, it would not result in financial instability, the bank added.