FSB halts Pinnacle Tech investigation
September 2014
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Johannesburg - Pinnacle Technology [JSE:PNC] announced that the Directorate of Market Abuse at the Financial Services Board (FSB) decided to close an investigation and no enforcement action will be taken.
It relates to an investigation in terms of section 84 of the Financial Markets Act (FMA), relating to a possible contravention of section 78 of the FMA (insider trading).
The investigation related to share transactions in the company executed during March 2014.
An executive director of technology allegedly offered a R5m bribe to a senior police official in order to win a contract for his company, police claimed at the time.
Pinnacle denied the allegations and said there was "no reason to doubt the veracity" of the director's denial from the evidence available to the company.
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Pinnacle bribe charges dropped
2014-08-25 16:43
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Johannesburg - Prosecutors have dropped charges of attempted bribery against an executive director of Pinnacle Holdings [JSE:PNC] due to insufficient evidence, the small-cap technology company said on Monday.
The Specialised Commercial Crime Unit (SCCU) in March arrested Takalani Tshivhase on charges he allegedly offered a bribe to a senior police officer to win a contract. Tshivhase has denied the charges and Pinnacle said it had no reason to doubt him.
READ: Investors dump Pinnacle on bribe news
"The SCCU has come to the conclusion that the evidence presented is insufficient to provide a reasonable prospect of a successful prosecution. The charges against Mr Tshivhase will accordingly be withdrawn," the company said.
Shares of Pinnacle, which had been hammered after news of the charge against Tshivhase earlier this year, surged 33% to R13.10 by 16:00.
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Read more about: pinnacle holdings | takalani tshivhase | bribery | fraud | tech
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