Short Seller Viceroy Fined by South Africa Over Capitec Note (2)

South Africa’s Financial Sector Conduct Authority ordered Viceroy Research to pay a fine for publishing a misleading report on Capitec Bank Holdings Ltd. more then three years ago.

The regulator imposed a 50 million rand ($3.5 million) penalty on Viceroy for the report that resulted in a 25% plunge in Capitec’s shares on Jan. 30, 2018. The authority took a “dim view” of Viceroy’s business model, FSCA Commissioner Unathi Kamlana said at an online briefing from Pretoria on Wednesday.

The regulator found that the research, which has been called a “hit squad” by the central bank governor, helped Viceroy and ...