The JSE has suspended the fine on one condition.
The Johannesburg Stock Exchange (JSE) publicly censured and fined the Komati Basin Water Authority (KOBWA) R500 000 for failing to timely publish a SENS announcement relating to the appointment of an executive operations director, and suspended the fine for three years.
KOBWA is a bi-national entity between South Africa and Eswatini established in 1993 under a 1992 treaty.
One of the requirements for a publicly listed company is that it announces any major change, including changes to executive members, through the Stock Exchange News Service (SENS)
“The provisions of paragraph 6.42(a) of the JSE’s Debt and Specialist Securities Listings Requirements (“DSS Listings Requirements”) require an issuer, through its debt sponsor or designated person, to notify the JSE of any change, including the reason for the change, to the board of directors, the company secretary or debt officer including the appointment of a new director (including the director’s capacity in terms of paragraph 7.3(c)),” said the bourse.
KOBWA fails to comply with JSE requirements
The entity operates the Maguga Dam in Eswatini and the Driekoppies Dam in South Africa, focusing on water security for irrigation and downstream usage.
On Monday, the JSE announced it had fined the entity for failing to publish the SENS announcement of the appointment of the Executive Operations Director on time. The appointment was made on 11 August 2025; however, KOBWA only published the SENS announcement on 19 November 2025.
“Accordingly, the JSE found the Issuer to be in breach of the provisions of paragraph 6.42(a) of the DSS Listings Requirements in respect of the late announcement of the appointment of the Executive Operations Director of KOBWA,” the bourse said.
JSE’s decision to censure KOBWA
According to the JSE, this is not the first time KOBWA has failed to announce an executive change on time.
“This is the Issuer’s fourth recorded instance of non-compliance with the DSS Listings Requirements in recent years,” said the bourse.
a) A late announcement in 2022 relating to key executive management and board changes;
b) A late announcement in 2023 relating to a board change;
c) A late announcement in 2025 relating to the appointment of new auditors; and
d) The current late announcement in 2025 regarding a board change.
R500k fine suspended
The JSE said that despite repeated regulatory engagement and prior censures, the Issuer has continued to demonstrate recurrent non-compliance, including repeated failures to ensure the timely disclosure of announcements.
“Having regard to the JSE’s finding of breach and the Issuer’s repeated history of similar contraventions, the JSE has decided to impose this public censure on KOBWA and a fine of R500 000, of which the fine is suspended for a period of three years, on the condition that the Issuer is not found to be in breach of the DSS Listings Requirement during the period of suspension,” said the bourse.
“The JSE considers KOBWA’s continued failure to comply with its disclosure obligations to be unacceptable.
“This is particularly concerning given that the Issuer has previously relied on its internal governance structures and advisory support as safeguards against further lapses.
“The recurrence of delayed disclosures points to material weakness in the Issuer’s compliance framework and reflects an ongoing disregard for the obligations imposed by the DSS Listings Requirements.”
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