Pinnacle Technology Holdings is “considering its legal position” in relation to the bribery charges that were brought against its executive director Takalani Tshivhase – and then later withdrawn due to insufficient evidence.
The bribery charges against Pinnacle Holding’s executive director Takalani Tshivhase, which earlier this year triggered a sell-off of the company’s stock and an estimated R1,2-billion slashing of its value, have been dropped. The Specialised Commercial Crimes Unit of the National Directorate of Public Prosecutions withdrew all charges against Tshivhase after concluding that there was no basis upon which to pursue the allegations against him.
Pinnacle Holdings this week laid rest to rumours in order to address the concerns that have kept its share price on the back foot.
The bribery case against Pinnacle Holdings director Takalani Tshivhase has been postponed until September.