ERM - Announcement to shareholders regarding the past affairs of Specialised
Outsourcing
Enterprise Risk Management Limited ("the Company")
The Minister of Trade and Industry has advised the Company that he has
received an application by certain significant shareholders of the Company
("the Applicants`) regarding wide ranging items, most of which have already
been aired and investigated at the instance of the present management and
which relate to the affairs of Specialised Outsourcing Limited prior to
March 2000. The Applicants have requested the Minister to appoint an
inspector to investigate these alleged irregularities in terms of section
257 of the Companies Act, 1973 ("the Act").
It should be emphasised that the issues raised by the Applicants relate in
the main to the alleged conduct of previous management of the Company.
There is no issue relating to the current management and the current Board
of Directors of the Company.
The Minister has now appointed such an Inspector in terms of sections 257(1)
and 258(2) of the Act. In accordance with the open stance that has been
adopted by the new management, the Company and the Board of Directors have
undertaken their full co-operation to the Minister in this regard.
Randburg
5 June 2002
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