Pinnacle bribery case postponed
The case against Pinnacle Holdings executive director Takalani Tshivhase, who stands accused of bribing a senior SAPS official, has again been postponed.
Tshivhase appeared in court on Wednesday, 2 July 2014, where the matter was postponed to 9 September 2014, at the request of the prosecution, in order to consider representations that had been made by Tshivhase.
This is the second postponement in the case since Tshivhase appeared in court on 24 April 2014.
“The Company will review the matter as further information becomes available and will inform shareholders accordingly,” Pinnacle said in a statement.
Tshivhase was arrested in March on charges he offered a bribe to a senior police official in order to win a contract for the company.
The executive allegedly offered a lieutenant general in the technology management environment of the SAPS R5 million to secure a multimillion rand tender for Pinnacle.
In the wake of the scandal, Pinnacle’s stock price has plummeted, having lost over 31.5% of its value since the arrest was announced, making a slight recovery from the lowest point of R10.78 on 26 March.
In late afternoon trade on the JSE, Pinnacle shares were seen 3% up to R13.70.
Tshivhase has denied the charges against him, with Pinnacle on record saying it has no reason to doubt him.
More on Pinnacle
Pinnacle insider trading probe
Pinnacle bribery scandal digs deeper: report
Loading ...