News Release – FSB Insider Trading Case Closed, Arnold Fourie Reacts
18 September 2014
FSB Insider Trading Case Closed, Arnold Fourie Reacts
Pinnacle Holdings welcomes the decision by the Financial Services Board (FSB) to close the investigation into possible insider trading which was launched against the company and certain of its directors. Company CEO, Arnold Fourie, however reiterates that there was never any doubt that this would be the outcome of this case.
The announcement of the closure of the FSB’s investigation into insider trading marks the end of a testing time for IT giant Pinnacle Holdings and its directors. In March this year, Executive Director Mr Takalani Tshivhase was arrested on alleged attempted bribery charges. Trading of Pinnacle shares by Mr Tshivhase as well as by other directors including Mr George Wiehahn and company CEO Mr Arnold Fourie, came under immense scrutiny – particularly by the media – and the investigation into possible insider trading was subsequently launched by the FSB.
Last month saw all charges against Mr Tshivhase dropped and after a thorough investigation of all facts presented, the FSB announced this week that there is no evidence to suggest any wrong-doing by Pinnacle Holdings or any of its directors and that the investigation has therefore been closed and no further action will be taken.
Pinnacle CEO Arnold Fourie says that there was never any doubt that the company and its directors would be cleared of any and all allegations of insider trading. “It comes as no surprise to me that the FSB has concluded that it was unable to find any evidence of any wrong-doing,” he said. “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.”
Mr Fourie went on to talk about the company’s flawless track record, “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,” he said. “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.”