Sekunjalo Investments Limited - Press Release
Sekunjalo Investments Limited
ISIN: ZAE000017893
SHARE CODE: SKJ
PRESS RELEASE
12 JUNE 2003
Sekunjalo Investments Limited announced, on 26 May 2003, its intention shortly
to institute a damages action against Deloitte & Touche, the auditors of
LeisureNet. At the time of the announcement, and in the light of the many
investors (including many small-scale investors) who have lost their investments
because of the financial collapse of LeisureNet, Sekunjalo was considering the
possibility of taking the lead in a class action against Deloittes.
Sekunjalo"s lawyers have prepared the papers necessary to institute the claim
against Deloittes. However, Sekunjalo has decided to delay the issuing of
summons against Deloittes for a further short period pending possible further
developments.
In preparing the papers, it has now become apparent that the basis on which
Sekunjalo will sue Deloittes is possibly unique to Sekunjalo. This is because
of the specific factual circumstances behind Sekunjalo"s investments in
LeisureNet. Sekunjalo lawyers are giving further consideration to the
possibility of a class action against Deloittes.
In addition, Sekunjalo is waiting to hear from the attorneys representing the
liquidator of LeisureNet as to whether or not the liquidator is intending to
pursue its investigations in other jurisdictions, such as Malta, England and
Germany. Sekunjalo hereby calls upon the liquidator to extend the commission of
enquiry into those jurisdictions, where LeisureNet"s offshore arm, Health land,
operated. Such an operation of the scope of the enquiry may impact on
Sekunjalo"s claim.
Ends
Prepared on behalf of Sekunjalo Investments Limited by Mallinicks Attorneys
For further information, please contact:
Dr Iqbal Surve
CEO - Sekunjalo Investments Limited
Tel No: (021) 683 9100
Cell No: 082 491 0179
Date: 12/06/2003 03:32:24 PM Supplied by www.sharenet.co.za
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