NCA
NCA
New Corpcapital - Release of Inspectors" Report
New Corpcapital Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/006539/06)
Share code: NCA & ISIN: ZAE000067765
("New Corpcapital")
RELEASE OF INSPECTORS" REPORT
New Corpcapital is pleased to report that the High Court application launched by
Corpcapital Limited (now in liquidation) to direct the Minister of Trade &
Industry ("the Minister") to direct the Registrar of Companies to send a copy of
the report of the inspectors (Advocate John Myburgh SC and Professor Keith
Prinsloo) who were appointed in terms of Section 58(2) of the Companies Act to
investigate the affairs of the Corpcapital Group of Companies ("the Inspectors"
Report") to Corpcapital, has been granted.
The Minister and Mr N Frangos (at whose request the investigation was originally
launched) vigorously opposed the release of the Inspectors" Report and Mr
Frangos launched a counter-application aimed at re-opening the investigation.
Their opposition and Mr Frangos" counter-application have been dismissed by the
High Court and the Minister and Mr Frangos have been ordered to pay
Corpcapital"s costs.
In the absence of an appeal by the Minister or Mr Frangos it is anticipated that
the Inspectors" Report will be released forthwith.
Mr Frangos persists in publicizing his unfounded defamatory opinions and
assertions on alleged wrongdoings by Corpcapital. His opinions and assertions
are wrong and have repeatedly been found to be wrong after due investigation by
the independent non-executive directors of Corpcapital as well as an independent
review by Mr Nigel Payne. New Corpcapital is confident that the Inspectors"
Report will again exonerate Corpcapital and its board from Mr Frangos"
allegations of wrongdoing.
Rosebank
25 August 2006
Date: 25/08/2006 01:58:30 PM Produced by the JSE SENS Department
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