Tshivhase charges dropped, Pinnacle soars - TechCentral

Tshivhase charges dropped, Pinnacle soars

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Charges of attempted bribery instituted against Pinnacle Holdings director Takalani Tshivhase have been dropped by the specialised commercial crimes unit of the national directorate of public prosecutions. The news has sent Pinnacle’s share price surging by more than 35%.

Tshivhase, who was arrested in March, was accused of trying to bribe a top police official with R5m to secure a lucrative IT contract. News of his arrest sent Pinnacle’s share price into a nosedive from which it has not recovered.

“The company welcomes the decision,” Pinnacle told shareholders on Monday. “The conclusion and decision of the specialised commercial crimes unit corroborates the company’s own investigation into the matter and confirms its initial statement that from the evidence available, the company was satisfied that there was no reason to doubt Mr Tshivhase’s denial of the allegations.

“The Company is very pleased that our unwavering belief in Mr Tshivhase’s innocence, and our ongoing support of him in his quest to clear his name, has been vindicated,” it said.

“Mr Tshivhase is happy that this matter has now finally been laid to rest.”

In the statement, Tshivhase said: “It has been a very trying period for me and I wish to thank the Pinnacle Holdings board for the support that they have given me during this time. I also wish to thank my family, who were directly affected by the events of the past few months, for their support.”

Pinnacle said: “The Company would now like to put this unfortunate incident behind us as we celebrate our 21st anniversary, and place our focus firmly on the future — building and creating value for our shareholders, partners, customers and staff, whilst continuing to give back to our communities.”

Tshivhase, who has been on a leave of absence pending the outcome of the case, will resume his duties, the company said.  — © 2014 NewsCentral Media

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