The case against Pinnacle Holdings executive director Takalani Tshivhase, who stands accused of bribing a senior SAPS official, has again been postponed.<\/p>\n
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.<\/p>\n
This is the second postponement in the case since Tshivhase appeared in court on 24 April 2014.<\/p>\n
“The Company will review the matter as further information becomes available and will inform shareholders accordingly,” Pinnacle said in a statement.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
In late afternoon trade on the JSE, Pinnacle shares were seen 3% up to R13.70.<\/p>\n
Tshivhase has denied the charges against him, with Pinnacle on record saying it has no reason to doubt him.<\/p>\n
Time to buy Pinnacle shares?<\/strong><\/a><\/p>\n Pinnacle insider trading probe<\/strong><\/a><\/p>\n Pinnacle bribery scandal digs deeper: report<\/strong><\/a><\/p>\n