CORPCAPITAL Limited - PRESS RELEASE BY THE BOARD O
CORPCAPITAL Limited
Incorporated in the Republic of South Africa
(Registration number 1983/011384/06)
Share code CPA ISIN ZAE000034260
("Corpcapital" or the "company")
PRESS RELEASE BY THE BOARD OF DIRECTORS OF CORPCAPITAL LIMITED
The Board of Directors of Corpcapital has appointed Mr Nigel Payne to conduct an
independent investigation into the allegations raised in and the corporate
governance issues arising from Mr Frangos` letter of resignation dated 2
December 2002.
For the purpose of his investigation Mr Payne will have unrestricted access to
all company records, directors and employees and will also engage with Mr
Frangos.
A summary of Mr Payne`s qualifications, appointments and experience is set out
below.
The outcome of Mr Payne`s investigations will be published.
RSUM OF MR NIGEL PAYNE
BCom (Hons), MBL, CA (SA)
* Member of the King Committee on Corporate Governance and Chairman of its
task group on Risk Management, Internal Control and Internal Audit.
* Director of the JSE Securities Exchange South Africa and Chairman of its
Risk Committee. Director of STRATE Limited and Chairman of its Audit
Committee.
* Formerly a partner in KPMG and presently General Manager of Transnet Group
Audit Services, which has a staff of 220 and is one of the leading internal
audit departments in South Africa.
* Represents South Africa on the International Board of Governors of the
Institute of Internal Auditors and is a member of the Institute of Internal
Auditors Global Committee on Quality.
* Regular contributor to professional journals, including a monthly corporate
governance column for Accountancy SA.
* Lectures extensively on corporate governance.
* Extensive experience in the conduct of forensic accounting and auditing
investigations and as an expert witness in these fields.
* Recipient of numerous awards including the two top awards of the Institute
of Internal Auditors, "Internal Auditor of the Year" (2000) and "Best
Contribution to the Internal Audit Profession in South Africa" (2002).
* Currently holds various non-executive directorships and is chairman or
member of audit or risk management committees in the public and private
sectors.
Issued by the Board of Directors
of Corpcapital Limited
Date: 27/01/2003 08:04:07 AM Produced by the JSE SENS Department
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