JCI Limited - Press Release - JCI Directors Statement - Skeat
JCI Limited
(Incorporated in the Republic of South Africa)
(Registration number 1894/000854/06)
Share code: JCD ISIN: ZAE000039681
Debenture code: JCDD ISIN: ZAE000039699
(`JCI` or `the Company`)
PRESS RELEASE - JCI DIRECTORS STATEMENT - SKEAT
The directors of JCI issued a statement this morning saying that a reported
attempt to attach company assets by former Afrikander Lease (Aflease) CEO, Peter
Skeat had no chance of success.
The directors said JCI is a surety with others in a transaction conducted by
Kabusha Mining. Kabusha is involved in a long-running legal dispute with Skeat
over the R52-million transaction, in which it alleges fraud on his part. JCI is
not directly involved and the legal process still has a long way to run before a
final ruling. JCI`s legal advisors have informed the company that for Skeat to
seek redress from JCI before the legal process is complete has no veracity in
law.
Kabusha has assured JCI that should the courts eventually rule in Skeat`s
favour, it has the resources to pay. It is therefore extremely unlikely in any
circumstances that JCI would ever be called upon as a surety.
10 May 2005
Johannesburg
Issued on behalf of JCI Limited
By Marulelo Communications
Date: 10/05/2005 11:20:03 AM
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