Bonatla Property's fortunes looks dimmer as JSE fines CEO

Posted On Thursday, 09 April 2015 11:46 Published by
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JSE publicly censures Bonatla Property Holdings CEO, Niki Vontas.

Niki Vontas Bonatla

The JSE last week imposed a fine of R500 000 against Mr Vontas (of which R250 000 is suspended for 24 months) in relation to breaching listing requirements.

“The fact that Vontas in his capacity as the CEO of Bonatla misled the JSE by providing the regulator with written undertakings that it had fulfilled all the criteria for listing thereby causing the JSE to lift the suspension of Bonatla securities in August 2009,” the JSE said in a Sens announcement.

It said Bonatla had failed to inform the JSE of material events and information affecting the status of its listing on the JSE as soon as it became aware thereof or at any time thereafter, which information formed the basis of the JSE’s decision to lift the suspension of Bonatla’s securities

Vontas had applied to have Bonatla’s suspension lifted so that he could rejuvenate the company into a growing property fund focused on Southern Africa.

Bonatla Property Holdings had been suspended in 2004 after it failed to submit their provisional financial statements on time. It had posted incomplete results, which did not include the results of an interest rate swap that showed it owed Nedbank R26m.

 

Last modified on Thursday, 09 April 2015 14:39

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