The Johannesburg Stock Exchange on Thursday moved to impose a censure on telecommunication supplier Huge Group.

This follows findings from the JSE in respect of the Huge Group's acquisition of Single Stock Futures positions from two executive directors, James Herbst and Anton Potgieter and the resultant repurchases by Huge of its own securities.

Huge's acquisition of the SSF positions was found to be in contravention of section 85 of the Companies Act, 61 of 1973.

The JSE informed Huge of its final decision in March and invited Huge to make representations regarding the imposition of an appropriate penalty on the company as a result of its breaches of the Listings Requirements and the Companies Act.

The JSE considered a number of submissions as well as all the other facts and information at its disposal and decided to impose the penalty of a public censure on the directors as well as a fine in an amount of R5-million each on Potgieter and Herbst as a result of the breaches of their fiduciary duties as directors of Huge and their actions that had resulted in breaches by Huge of the Listings Requirements.

The JSE said it informed the directors of its decision in its letter dated October 9.