Pinnacle still under investigation
South Africa’s Financial Services Board said on Monday that an investigation into possible insider trading in shares of Pinnacle Holdings was still ongoing.
The company had earlier announced that bribery claims leveled against Pinnacle executive, Takalani Tshivhase, had been dropped.
The JSE-listed firm said that Tshivhase received written notification from the Specialised Commercial Crime Unit of the National Prosecuting Authority of South Africa (SCCU) with news of it’s withdrawal.
The SCUU said that, following careful consideration of the evidence at its disposal and consultation with, and evaluation of the reliability of all the state witnesses, it had come to the conclusion that the evidence presented is insufficient to provide a reasonable prospect of a successful prosecution.
Tshivhase was arrested in March, stood accused of allegedly offering a lieutenant general in the technology management environment of the SAPS R5 million to secure a multimillion rand tender for Pinnacle, involving a contract to offload 3,000 ID terminals with the SAPS.
However, Pinnacle waited 20 days to announce the arrest, during which time Tshivhase, chief executive Arnold Fourie and another director all sold Pinnacle shares.
Fourie has rejected any insider trading at the company.
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