Bridgestone Firestone Maxiprest Limited - Possible
Bridgestone Firestone Maxiprest Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/006456/06)
Share code BDS ISIN ZAE000027447
("the company")
POSSIBLE TAX IRREGULARITIES AND CAUTIONARY ANNOUNCEMENT
1. Background
Brait Sponsors (Proprietary) Limited is authorised to announce that the Board
of directors of the company ("Board") has noted the arrest of Mr Grant Ramsay
("GR"). During the 1990"s, and prior to the listing of the company, GR had a
close association with the company and served as its auditor and subsequently as
a director of the company. In addition, the company entered into certain
transactions with GR, where he acted as a consultant to the company.
2. Actions taken
In view of the circumstances of GR"s arrest, the Board has appointed its
legal advisors, Rabin, van den Berg and Pelkowitz Inc., to engage the forensic
division of KPMG, who will act as an independent third party, to investigate the
various transactions entered into with GR and, subsequently report thereon to
the Board.
Should it be proved, as a result of this investigation, that any tax
irregularities have occurred, the Commissioner for the South African Revenue
Services ("SARS") will be informed. SARS has been advised accordingly.
It is not expected that the outcome of the investigation will result in any
restatement of trading results achieved in previous years.
3. Cautionary announcement
Pending the outcome of the investigation shareholders are advised to exercise
caution in trading their shares in the company on the JSE Securities Exchange
South Africa until the publication of a further announcement.
Johannesburg
3 April 2003
Sponsor
Brait Sponsors (Proprietary) Limited
(Registration number 2000/031069/07)
Legal advisor
Rabin, van den Berg & Pelkowitz INCORPORATED
Advisory Services (Pty) Ltd
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
