The Financial Sector Conduct Authority (FSCA) hereby informs the public that it is currently conducting an investigation in respect of the persons listed below (investigated parties):
The Grand Trading (Pty) Ltd (The Grand Trading), an authorised financial services provider (FSP) with FSP No. 53871. The Grand Trading is not an authorised over-the-counter derivative provider;
- Mr Simon Durdey (Durdey), the sole key individual of The Grand Trading;
- Ms Christel Larissa Pretorius (Pretorius), a director of The Grand Trading; and
- Mr Boris Atanasov Kodzhov (Kodzhov), a sole shareholder of The Grand Trading.
According to The Grand Trading, they provide intermediary services relating to a trading platform offering trading in Contracts for Difference (CFDs). The FSCA received complaints from clients of the investigated parties. Given the serious nature and the number of complaints the FSCA has decided to conduct a full investigation into the matter.
The purpose of the investigation is to establish whether the investigated parties contravened any financial sector laws, including Regulation 2 of the Regulations published under Government Notice R98 in Government Gazette 41433 of 9 February 2018, in terms of the Financial Markets Act No.19 of 2012.
This should not be construed as a statement by the FSCA that the parties have contravened a financial sector law. The investigation is on-going and the FSCA emphasises that it has not made any findings yet. The FSCA will update the public on the outcome of investigation in due course.