Vox Telecom, which has suffered a R60,8-million loss as a result of the collapse of Dealstream, has opened a case of theft against the company as well as filing a claim for R53-million in shares and R30-million in cash. Additional claims of R89-million have been filed on behalf of Vox directors and employees.
In its results statement yesterday, Vox announced that the company and its legal advisors continue to engage with Dealstream curator to pursue its claim against Dealstream on behalf of the company and its employees.
The company has appointed a firm of independent forensic auditors to investigate the misappropriation of 27 300 000 treasury shares, for the purposes of a share incentive scheme established for the benefit of the company's employees by Dealstream. This investigation is still underway and the curator has agreed to cooperate with Vox.
However, Vox confirms in its statement that these shares have been misappropriated, which has been confirmed in the Curator's report of 10 November.
To this end, Vox has filed a claim against Dealstream on behalf of the Casey Investment Holdings Limited Share Incentive Scheme Trust for the proceeds of the sale of the misappropriated shares amounting to R53-million (27 300 000 shares x 195 cents per share). It has also filed a claim for missing cash in the amount of about R30-million.
In addition, Vox has opened a case of theft with the SAPS` Serious Economic Offences Unit.
"The curator of Dealstream has made a verbal claim against certain directors and employees of Vox Telecom regarding potential claims by Dealstream," reads the statement. "This claim has not been substantiated in writing to the employees of the company and is based on an assumed value of Vox shares following RMB placing Dealstream into default.
"Vox Telecom is of the opinion that these claims are without merit and circumstantial at best, and has appointed legal advisors to represent Vox Telecom employees. In this regard the Vox Telecom employees who have been affected by the collapse of Dealstream have made a claim against Dealstream for R89-million based on the closing out of CFD positions on 22 September 2008."