Pinnacle Holdings has welcomed the decision by the Financial Services Board (FSB) to close the investigation into possible insider trading which was launched against the company and a few of its directors.
In March this year, executive director Takalani Tshivhase was arrested on alleged attempted bribery charges. Trading of Pinnacle shares by Tshivhase, as well as by other directors including George Wiehahn and company CEO Arnold Fourie, came under scrutiny, and the investigation into possible insider trading was subsequently launched by the FSB.
Last month saw the charges against Tshivhase dropped and this week the FSB announced there no evidence of wrongdoing by Pinnacle Holdings or its directors, that the investigation has been closed and no further action will be taken.
Fourie says: “It comes as no surprise to me that the FSB has concluded that it was unable to find any evidence of any wrong-doing.
“As we stated to the media, our customers and our staff when the investigation was first launched, Pinnacle has always been and will always be run on sound, ethical business principles and practices.
“Pinnacle holds an unblemished 21 year record of doing business based on the highest standards of corporate governance and ethics – a feat we are extremely proud of.
“We now look forward to continuing with our 21st anniversary celebrations and maintaining our focus on building and creating ever growing value for our partners, shareholders, customers and our staff.”