The Financial Sector Conduct Authority has launched a formal insider trading investigation into Curro Holdings shares following suspicious transactions identified ahead of a major buyout offer in August 2025, according to reports by Moneyweb. The regulatory scrutiny centers on unusual trading patterns executed by institutional and private investors before the market learned of a multi-billion-rand acquisition bid.
FSCA Escalates Curro Share Probe After JSE Referral
The regulatory review advanced from an assessment phase to a formal investigation after statutory bodies, including the Johannesburg Stock Exchange, flagged unusual market activity. According to Moneyweb, the Financial Sector Conduct Authority initiated the inquiry following transactions recorded prior to the August 27, 2025 announcement that the Jannie Mouton Foundation intended to acquire all remaining Curro shares it did not already own.
The proposed buyout carried a 60% premium over the prevailing share price. When the acquisition news reached the public, Curro shares surged by more than 50%. Moving from an assessment to a formal investigation grants the FSCA stronger statutory powers, including the authority to compel document production and conduct formal interrogations under oath, as reported by Moneyweb.
Unusual Trading Patterns Identified in Shareholder Registers
An analysis of Curro shareholder registers by Moneyweb revealed three sets of substantial, timely transactions executed in the six months leading up to the buyout announcement. Together, these trades accounted for estimated gains of approximately R126 million based on post-announcement share prices.
- Citiclient Nominees No. 8: A London-based Citigroup nominee account held a stable position of roughly 13 million shares through July 2024 before accumulating an additional 1.7 million shares in April 2025 and accelerating purchases in June and August. According to Moneyweb, the account offloaded 8.7 million shares shortly after the price spike, securing an estimated profit of R31 million.
- Public Investment Corporation: The state-owned asset manager divested 1.2 million shares in June 2025 before repurchasing 7.2 million shares in July, less than two months before the buyout offer. Moneyweb noted that the increased holding represented more than R21 million in value on announcement day.
- Mouton Family Entities: Jan Mouton Beleggings, Piet Mouton Beleggings and My Favourite Beleggings collectively acquired 7.84 million shares each between April 10 and May 2, 2025, spending roughly R210 million total. Moneyweb reported that the purchases expanded their joint stake by 32% to 16% of Curro, generating a combined gain of approximately R74 million on the day of the offer.
Stakeholder Responses and Ongoing Regulatory Status
No regulatory findings of wrongdoing have been established against any party. The FSCA declined to comment on specific accounts or transactions, citing the active nature of the ongoing probe, according to Moneyweb.
Entities involved have maintained that their trading activities adhered to standard portfolio management practices. Citigroup declined to identify the beneficial owners behind its nominee account, pointing to internal group policies. The Public Investment Corporation defended its transactions by stating that adjustments to its stock exposure stemmed from routine portfolio rebalancing and the directives of active asset managers. Meanwhile, representatives for the Mouton family entities confirmed that investment decisions were managed by the Jannie Mouton Familietrust trustees, with PSG Chief Executive and Curro director Piet Mouton recusing himself from relevant discussions, as reported by Moneyweb.