Pinnacle exec charged with attempted bribery

By: Gugu Lourie (Tech Financials)

JSE-listed Pinnacle Holdings executive director , Mr Takalani Tshivhase, has been charged with alleged attempted bribery of a Lieutenant General of the South African Police Service, with R5-m.

This alleged incident occurred some 14 months ago, around 16 January 2013.

“The company hereby informs its shareholders that Mr Takalani Tshivhase, an executive director of Pinnacle, has been charged with alleged attempted bribery of a Lieutenant General of the South African Police Service, with R5-m,” the company told the market on Tuesday.

Pinnacle added Mr Tshivhase denies all allegations of attempted bribery, and will defend the charges.

“From the evidence thus far available to the company, the company is satisfied that there is no reason to doubt the veracity of Mr Tshivhase’s denial of the allegations,” the company said. The company will review the matter as further information becomes available and will inform shareholders accordingly.”

Pinnacle Holdings shares were down 7.5% at 18.50 by 10.34am pushing the company’s market value to R3.1-bn.

On 24 March, Tshivhase sold 200,000 shares worth more than R4-m at R20.

This piece was lifted with permission from Tech Financials

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