CS Holdings avoids suspension

By Iain Scott, ITWeb group consulting editor

Johannesburg, 22 Apr 2004

CS Holdings has submitted its completed results statements to the JSE, avoiding the threat of its share being suspended.

The JSE warned the group earlier this week to submit the statements before the end of the month or face having the share suspended.

Although the interim results were released in February, subsequent events necessitated the publication of additional information.

The group says it was the finalisation of this addendum that caused the delay. JSE regulations stipulate that a complete set of financial statements be submitted within three months of the end of a financial period.

"Shareholders are advised that, as planned, a detailed interim results statement has been delivered to the JSE," it says.

The interim results are to be distributed to shareholders later today.

The previously published results contained restated results for the year-earlier period, sparking allegations that the group had previously artificially boosted its profits by selling an asset for R18 million after acquiring it for R2.5 million and then reversed the sale after its financial results were published.

After the allegations were made public, CS Holdings CEO Annette van der Laan resigned towards the end of February, citing negative publicity and the interests of the company.