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SKJ
SKJ
SKJ - Sekunjalo Investments Limited - Sekunjalo sues former director
Kevin Patel and holds him accountable for historic losses
Sekunjalo Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/006093/06)
Share code: SKJ & ISIN: ZAE000017893
("Sekunjalo" or "the Company" or "the Group")
SEKUNJALO SUES FORMER DIRECTOR KEVIN PATEL AND HOLDS HIM ACCOUNTABLE FOR
HISTORIC LOSSES
Shareholders are hereby advised that the Board of Sekunjalo and the
Board of its subsidiary, Premier Fishing SA (Pty) Ltd ("Premier
Fishing") have instituted legal action in the Western Cape High Court
against a former director of Sekunjalo and the former Chief Executive of
Premier Fishing, Mr Kevin Patel and one other for the recovery of
damages suffered by Premier Fishing due to their alleged breach of
contract, in the total amount of R64 916 795. Pleadings are in the
process of being filed, and it is anticipated that the matter will be
heard during 2013.
The company further announces that it is considering doing a forensic
investigation into transactions entered into by management whilst Mr
Patel was the Chief Executive Officer of Premier Fishing. These
transactions include Mauritian fish trading firms as well as possible
fraudulent activity and mismanagement.
The Company has initiated this investigation after an extensive due
diligence into the financial and other transactions that took place at
the time of Mr Patel`s tenure as Chief Executive Officer of Premier
Fishing. Premier Fishing suffered these losses in the 2008 financial
year and these losses were provided for in full during that year and
accordingly will have no negative impact on the Group`s current and
future results.
The company is determined to hold past executives accountable for their
actions and will pursue these vigorously. In terms of Corporate
Governance as well as considering all stakeholders, the relevant board
of Directors felt obliged to act against the executives in this manner
where applicable.
Sekunjalo would like to advise shareholders that it has the necessary
internal controls in place which are actively monitored to ensure good
corporate governance.
Shareholders will be informed of any further developments in due course.
Cape Town
15 November 2011
Sponsor
PSG Capital
Date: 15/11/2011 08:00:01 Produced by the JSE SENS Department.
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