BEG - Beige - Sentencing of Former Beige Directors
BEG
BEG
BEG - Beige - Sentencing of Former Beige Directors
BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
("Beige" or "the company")
ISIN Code: ZAE000034161 & Share code: BEG
SENTENCING OF FORMER BEIGE DIRECTORS
Further to the announcement published on SENS on 4 April 2006 regarding the
charges brought against two former Beige directors, the directors of Beige
are pleased to announce the satisfactory conclusion of the matter.
The two Accused Directors ("the Accused Directors") appeared in the
Regional Court in Pretoria yesterday on five counts of fraud which were
committed between 1998 and 1999 (Case No.: 111/74/06).
The Court accepted a Plea and Sentence Agreement that was reached between
the Accused Directors and the National Director of Public Prosecutions.
The Accused Directors were each sentenced to ten years imprisonment, of
which the whole of the sentence was suspended for a period of five years,
three years correctional supervision, including 16 hours of community
service per month and have agreed to cede 5 000 000 shares each to Beige
(which will lead to a marginal increase in earnings per share), and to pay
compensation to Beige in an amount of R80 000 each, which amounts are
payable in twenty equal instalments.
Beige will continue to support the pursuit of criminal charges against
other more prominent persons in terms of its commitment to act as a
responsible corporate citizen towards both its shareholders and the general
public, even though these offences were uncovered more than seven years
ago. The Accused Directors will assist the company in these further
investigations.
Johannesburg
02 March 2007
Designated Advisor
Arcay Moela Sponsors (Pty) Limited
Date: 02/03/2007 14:17:00 Produced by the JSE SENS Department.
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