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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")
PRESS RELEASE
15th November 2011
Cape Town
SEKUNJALO SUES FORMER DIRECTOR KEVIN PATEL AND HOLDS HIM ACCOUNTABLE FOR
HISTORIC LOSSES
The board of Sekunjalo Investments Limited ("Sekunjalo") and the board of
Premier Fishing SA (Pty) Ltd ("Premier Fishing") wishes to announce that it
has sued a former director of Sekunjalo Investments Ltd and the former
Chief Executive of Premier Fishing for damages amounting to R64 916 795.
Premier Fishing instituted legal action in the Western Cape High Court on
17 June 2011, against two former executive employees, jointly and
severally, for the recovery of damages suffered 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 has sued Mr Kevin Patel and one other after
extensive consultation with its employees, shop stewards and the Food and
Allied Workers Union.
Furthermore, the company also 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, credit card transactions
by various personnel in breach of company policy, 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 it 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. The relevant board of Directors
felt obliged to act in this manner against the executives from a governance
perspective as well as after considering the views of all the above
stakeholders.
Ends.......
Contact:
Adri Senekal
Stakeholder Relations
Tel: 021 427 1400
Cell: 082 944 4455
Sponsor
PSG Capital
Date: 15/11/2011 09:02:27 Produced by the JSE SENS Department.
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