Durban Roodepoort Deep, Limited - News Release: Dr
Durban Roodepoort Deep, Limited - News Release: DRD Takes Further Legal
Proceedings Against Former CFO
Durban Roodepoort Deep, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
NASDAQ trading symbol: DROOY
JSE Code: DUR
ISIN: ZAE000015079
("DRD")
NEWS RELEASE: DRD TAKES FURTHER LEGAL PROCEEDINGS AGAINST FORMER CFO
Durban Roodepoort Deep, Ltd (JSE: DUR; ASX: DRD) has taken further steps in its
ongoing recovery of funds misappropriated from the group during the 2000
financial year.
DRD has begun two more sets of proceedings against Mr Charles Mostert, former
Chief Financial Officer and head of its Australasian operations.
The Supreme Court of Western Australia proceedings relate to three payments that
Mr Mostert caused DRD subsidiaries to make:
A$442,000 paid to Cartier Management Pty Ltd;
A$260,000 paid to Goldspark Ltd; and
US$200,000 paid to Transit Securities Inc.
DRD believes that the group received nothing in return for any of these
payments, and that Mr Mostert acted in breach of his director"s duties when he
caused them to be made.
DRD is seeking compensation from Mr Mostert for its loss, being the amounts paid
out together with interest and costs.
DRD Chairman and Chief Executive Officer Mark Wellesley Wood said that DRD had
already recouped several million dollars from the recovery process.
"DRD is attempting to recover more than A$1 million from Mr Mostert in these
proceedings alone.
"The payments involved are representative of the types of transactions at which
DRD"s recovery process is aimed," Mr Wellesley Wood said.
DRD has already instituted separate proceedings in the Supreme Court of Western
Australia against Mr Mostert, Mr John Stratton and other parties.
DRD anticipates instituting further proceedings in the near future in relation
to the Rawas transaction against these and other parties in both South Africa
and Australia.
Queries: Ilja Graulich, Durban Roodepoort Deep, Limited
+27 11 381 7800 (office)
+27 83 604 0820 (mobile)
James Duncan, Russell & Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile)
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