ENTERPRISE RISK MANAGEMENT LIMITED
(Incorporated in the Republic of South Africa)
("ERM" or "the Company")
(Registration number: 1995/001603/06)
(JSE Code: ERM & ISIN Code: ZAE000037701)
COMPANY ANNOUNCEMENT
1. Umgeni and ERM record as follows:
1.1 The pending litigation between them in the Witwatersrand Local
Division of the High Court has been settled to their mutual satisfaction.
1.2 In terms of the settlement agreement, Umgeni have agreed to pay ERM in
full and final settlement of all claims, interest, VAT and costs, an amount of
R21,5 million rand (twenty one million five hundred thousand rand).
1.3 Umgeni will report the terms of the settlement to the Minister of
Water Affairs.
2. The parties note that Umgeni is obliged to follow statutory public
procurement policies but within the framework of those policies, there is no
reason arising from the present litigation why ERM, under its current
management, should not tender to Umgeni for the enterprise wide risk management
services that it offers to the public and private sectors.
ENTERPRISE RISK MANAGEMENT LIMITED
UMGENI WATER
Randburg
19 March 2003
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