The Supreme Court of Appeal handed down judgment today, 28
September 2017, in the matter of Pather v Financial Services
Board.
The decision concerns a challenge to the jurisdiction of the
Enforcement Committee of the Financial Services Board
("FSB") to deal with market abuse,
specifically in this case publishing false statements that resulted
in an overstatement of the performance of their company.
The two appellants were Maslamony Pather and Ah-Vest Ltd
(formerly All Joy Foods Ltd).
They did not contend that the factual findings of the
Enforcement Committee of the FSB were wrong.
Rather, they argued that a hearing by the Enforcement Committee
on charges of market abuse (such as insider trading, market
manipulation, and false statements) that results in the imposition
of an administrative penalty is similar to a criminal prosecution,
and hence the standard of proof should be beyond reasonable doubt,
rather than the civil standard, which is proof on a balance
