JCI Limited - Update On Forensic Investigation At JCI Limited
JCI Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1894/000854/06)
Share Code: JCD (Suspended) ISIN: ZAE000039681
Debenture Code: JCDD (Suspended) ISIN: ZAE000039699
("JCI" or "the Company")
UPDATE ON FORENSIC INVESTIGATION AT JCI LIMITED
Shareholders are advised that the forensic audit is expected to be delayed for
an additional two months beyond the targeted completion date of 31 December
2005.
Forensic auditors were appointed on 11 October 2005 to assess various
transactions, and any other issues identified during the audit and/or by the
directors.
Substantial progress has been made in the forensic audit. However, the scope of
the investigation has been revisited to address further issues not originally
identified. The investigation has revealed prima facie evidence that there has
been misappropriation of Company assets, including during prior financial
periods. Work is in progress to determine the exact extent of the
misappropriation, which could be substantial, as well as to initiate, if
necessary, the relevant legal processes, including the necessary actions for the
recovery of misappropriated assets.
It is planned to have KPMG commence in January 2006 a review of the annual
financial statements for the financial year ended 31 March 2005 and the period
to September 2005. Assuming that no further unforeseen issues become known in
the interim, publication of preliminary results is anticipated by the end of the
first quarter of 2006.
JCI shares are currently suspended on JSE Limited due to the delay in the
publication of the annual financial statements.
Shareholders are advised not to rely on prior period financial statements.
Shareholders will be kept informed of further developments.
14 December 2005
Johannesburg
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 14/12/2005 05:02:04 PM Produced by the JSE SENS Department
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