Pinnacle director charged with corruption - TechCentral

Pinnacle director charged with corruption

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An executive director of JSE-listed technology company Pinnacle Holdings has been arrested for allegedly attempting to bribe a top manager of the South African Police Service (SAPS), it has emerged.

Takalani Tshivhase appeared in the Pretoria specialised commercial crimes court on a charge of corruption, according to a police spokesman. He stands accused of bribing a lieutenant-general in the technology management environment of the SAPS with R5m to secure a multimillion-rand tender.

“Tshivhase is one of the directors of Pinnacle Holdings. The SAPS previously contracted the company to provide field terminals for Maxid/MaxID units,” the spokesman says. The units are electronic handheld devices used by the police for investigations.

The serious economic offences unit of the Directorate for Priority Crime Investigation, also known as the Hawks, arrested Tshivhase at his office in Kempton Park, east of Johannesburg, on 5 March. He was released on R10 000 bail the same day. The case has been postponed until 24 April for further investigation.

“This arrest should serve as a reminder to companies doing business with government that corruption is not an option in securing business deals,” says Hawks lieutenant-general Anwa Dramat.

Tshivhase joined Pinnacle in 2003 after a “successful and varied career in government and commerce”, according to the company’s website. “During his tenure at Pinnacle, he has demonstrably contributed to the growth and success of the group through the successful penetration of key accounts, operational management and strategic direction.”

Tshivhase was in a meeting on Tuesday morning and was not immediately available to comment. Pinnacle CEO Arnold Fourie tells TechCentral that the company will issue a statement via the JSE’s Sens news service this morning. He says it was not necessary to alert shareholders earlier as it is a “private issue” and not one that affects the company’s financial performance.

Meanwhile, Pinnacle told shareholders on Monday that Tshivhase had sold R4m worth of shares in the company. The transaction, involving the disposal of 200 000 shares, took place on 19 March across three trades at an average selling price of R20/share.  — (c) 2014 NewsCentral Media

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