An alleged R5 million bribe to secure a R1.6 billion tender with the SAPS may not have been the first for Pinnacle executive director, Takalani Tshivhase, the Sunday Times reports.<\/p>\n
The South African Police Service (SAPS) said on Monday (24 March) that Pinnacle Holdings executive director, Takalani Tshivhase had been arrested on 5 March 2014 on charges of bribery.<\/p>\n
Tshivhase stands accused of offering Lieutenant-General Bonginkosi Ngubane R5 million to secure a R1.6 billion tender for Pinnacle.<\/p>\n
According to Ngubane’s testimony quoted in the paper, Tshivase told the lieutenant that if he allowed “certain things to happen”, it would be financially beneficial for him.<\/p>\n
“Tshivhase then went on and offered me an amount of R5-million if I ensured the SA Police Service procured the remaining 3 000 Max ID terminals from Pinnacle through him,” Ngubane said.<\/p>\n
Additionally, Tshivhase also offered to allow Ngubane to use his house in George over December, if he wanted to, the paper reported.<\/p>\n
\u201cI was quite shocked, and my heart just sank as it confirmed to me that this was what Tshivhase had been doing successfully.”<\/p>\n
Ngubane claimed that processes with previous SAPS tender awards to Pinnacle (by his predecessor) seemed improper, with no competitive bid process, and the equipment costing almost double the normal price.<\/p>\n
Tshivhase has denied all allegations.<\/p>\n
News on Tshivhase’s arrest sent the company’s stock plummeting over 40% – raising a few eyebrows at the timeous selling of shares by some of the company’s executives just weeks before the SENS announcement about the arrest.<\/p>\n
Tshivhase was arrested on 5 March 2014. The SAPS announced the arrest on 24 March, followed by Pinnacle’s SENS announcement on 25 March.<\/p>\n
In an interview on BusinessDay TV, Fourie rejected any form of insider trading by any of its executives.<\/p>\n
Both the JSE and the Financal Services Board (FSB) have launched formal investigations into the matter.<\/p>\n
The case has been postponed until July.<\/p>\n
More share dumping at Pinnacle<\/a><\/strong><\/p>\n Pinnacle CEO denies insider trading<\/a><\/strong><\/p>\n Pinnacle shares crushed on bribery charge<\/a><\/strong><\/p>\n