FSCA Confirms Insider Trading Investigation Into Curro Shares

The regulatory inquiry centers on trading activity that occurred before the Jannie Mouton Foundation announced an offer on August 27, 2025, to acquire the Curro shares it did not already own, delist the company, and convert it into a public benefit organization. The buyout proposal was pitched at a 60% premium to the preceding share price, causing the stock to jump more than 50% when the market learned of the plan.

Three Sets of Suspicious Transactions Under Regulatory Scrutiny

A Moneyweb analysis of Curro shareholder registers identified three sets of notable transactions executed in the six months leading up to the buyout announcement, which collectively yielded estimated gains of roughly R126 million based on post-announcement prices.

The transactions identified across the shareholder registers include:

• Citiclient Nominees No. 8: A London-based nominee account of Citigroup held a stable position of approximately 13 million Curro shares from at least July 2024 before acquiring 1.7 million shares in early April 2025, followed by another 7.1 million shares in June and August. Days after the share price spiked, the account sold 8.7 million shares in early September, generating an estimated profit of about R31 million, as reported by Moneyweb.
• The Public Investment Corporation (PIC): The PIC sold 1.2 million shares in June 2025 and subsequently repurchased 7.2 million shares in July, less than two months before the buyout offer. That increase represented more than R21 million in value on the announcement day.
• Three Mouton Family Companies: Jan Mouton Beleggings, Piet Mouton Beleggings, and My Favourite Beleggings purchased 7.84 million Curro shares each between April 10 and May 2, 2025, spending roughly R210 million in total. The purchases lifted their collective stake by 32% to 98 million shares, yielding a combined gain of about R74 million on announcement day.

The FSCA has not publicly disclosed which specific transactions or accounts form the focus of its active probe. Because the regulatory matter remains ongoing, the agency declined to comment on individual portfolios to Moneyweb.

Corporate Responses and Investigation Powers

No regulatory findings of wrongdoing have been made against any party, and an investigation represents an inquiry rather than a formal charge or conclusion of liability.

Entities connected to the trades have addressed their participation following media inquiries. Citigroup declined to identify the beneficial owners behind its nominee account, citing internal group policy. The Public Investment Corporation denied wrongdoing, explaining to reporters that portfolio adjustments stem from routine rebalancing or the execution strategies of appointed active managers.

Meanwhile, the Mouton entities are owned by the Jannie Mouton Familietrust, with investment decisions handled by the trust’s trustees. Piet Mouton, PSG chief executive and a Curro director, recused himself from relevant discussions, according to published accounts.

The escalation from a preliminary assessment to a formal investigation grants the FSCA significantly broader legal powers. While an assessment limits regulatory reach, a formal probe allows investigators to legally compel individuals to answer questions and surrender documents under statutory authority.