The Hawks say that they have a strong case against Pinnacle executive director Takalani Tshivhase, who stands accused of bribing a senior SAPS official.<\/p>\n
According to a report by City Press detailing the state’s case against Tshivhase, a Hawks spokesperson said that the group has clear evidence against the executive.<\/p>\n
The SAPS issued a statement on 5 March saying that Tshivhase was arrested at his office in Johannesburg.<\/p>\n
He 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
The tender reportedly involved a contract to offload 3,000 ID terminals with the SAPS.<\/p>\n
Previously, acting as a subcontractor for Unisys, Pinnacle sold 1,000 field terminals to the SAPS, which allegedly encountered connectivity and software problems.<\/p>\n
The SAPS also alleges that it was overcharged tens of thousands of rands per unit, having been charged over R54,000 for products found on the market for just over R26,000<\/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
In the wake of the scandal, Pinnacle\u2019s 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
Pinnacle directors did not disclose Tshivhase’s arrest to shareholders until the SAPS’s media release on the matter, making the group subject to an investigation by the Financial Services Board.<\/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