[London] The Tribunal of South Africa’s Financial Sector Conduct Authority (FSCA) has overturned the case against deVere Group CEO Nigel Green. Also a London-based economic analyst, Green has contributed to numerous market commentaries around the world.
The Tribunal of South Africa’s Financial Sector Conduct Authority (FSCA) has overruled officials at the watchdog in a case against the green after the regulator imposed a debarment order and penalty order on him.
In 2018, South African regulators, following prosecutors with whom Green had always fully cooperated, alleged deVere South Africa's infringement of specific financial services laws.
It also alleged that Green, in his personal capacity and acting as a non-executive director of deVere between 2008 and 2015, had contravened the South African Collective Investment Scheme Control Act, 2002 and had failed to meet the duties imposed on him as a director.
Green had consistently refuted the allegations made against him.
In his ruling at the Tribunal, Judge Harms stated: “It is declared that the applicant, Green, did not contravene sec 2 of the Financial Institutions (Protection of Funds) Act, No. 28 of 2001 during the period he had been a director of deVere SA.”
Speaking after the case was dismissed at the Tribunal in Pretoria, Green says: “All accusations and charges that were made against me in South Africa by the regulator have been dropped. The file is now closed.
“Whilst we were surprised by the FSCA’s initial decision, we are not surprised by the Tribunal’s ruling.
“It’s clear that the case was overturned on the basis of both factual inaccuracies in the FSCA’s case against me and an incorrect application of laws.
“As per the Tribunal’s final ruling, it was found that I did not contravene the law and, therefore, that regulator was wrong to consider any action against me.”
He continues: “In addition, the FSCA was criticized by the Judge at the Tribunal for changing the alleged offences of which I was accused on several occasions - even up to two weeks before the case was heard - and for failing to understand its own laws.
“By doing this, the regulator was shown to be on a mission to discredit me, come what may.”
Nigel Green concludes: “The Tribunal has come to the only sensible decision" and “In this case, the South African financial regulator appears to have lost the objectivity and impartiality expected of a public body discharging a public function.”
