TCS - Total Client Services Limited - Withdrawal of cautionary announcement
TCS
TCS
TCS - Total Client Services Limited - Withdrawal of cautionary announcement
TOTAL CLIENT SERVICES LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/025018/06)
Share code: TCS ISIN: ZAE000116208
("TCS" or "the company")
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcements dated 27 May 2009 and 8 July 2009,
shareholders are hereby advised that the forensic investigation conducted
by PricewaterhouseCoopers Forensic Services ("PWC Forensic") regarding the
irregular transactions in one of the bank accounts of TCS has been concluded.
An amount of R4.96 million was misappropriated, of which R1.3 million has been
recovered to date. The balance of R3.66 million has been fully provided for in
the accounting records. It is suspected that an external syndicate was involved
in misappropriating these funds.
The forensic investigation has highlighted the areas of TCS` internal controls
that can be strengthened and improved, and the company has started implementing
the recommendations provided by PWC Forensic. The directors of TCS are
considering whether to take legal action against the financial institution
concerned in order to recover the remaining balance of the misappropriated
funds.
Accordingly shareholders are advised that caution is no longer required to be
exercised when dealing in the company`s securities.
Johannesburg
12 August 2009
Designated Adviser
Merchantec (Proprietary) Limited
Date: 12/08/2009 12:58:01 Produced by the JSE SENS Department.
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