The bribery case against Pinnacle executive Takalani Tshivhase has again been postponed, after it was meant to kick off yesterday.
This is the second postponement in the matter, which was originally set to be heard in April at the Pretoria Specialised Commercial Crimes Court. Hawks spokesman captain Paul Ramaloko says the matter has now been moved to 9 September so that Tshivhase's advocate can prepare himself.
Ramaloko adds the prosecution is ready to proceed, but Tshivhase's advocate wants to make a representation to the state so it can decide if it wants to proceed with the matter. He notes the prosecution is awaiting the representation.
Tshivhase was charged on 24 March with attempting to bribe a senior South African Police Service (SAPS) official. He allegedly offered the officer R5 million so the company could win a R182 million contract to supply about 3 000 handheld MaxID devices to the SAPS. He was arrested earlier in March.
He has since asked to take an immediate "leave of absence" until criminal proceedings have been wrapped up. Pinnacle says once the matter has been resolved, "Tshivhase's association with the company can be reviewed".
News of the charge, which Tshivhase has denied, sent Pinnacle's shares into free-fall, losing 25% on the day from its opening price of R20. On 26 March, its stock continued to slide, losing another 23.67%, to close at R11.45, dropping its market capitalisation to under R2 billion.
On 27 March, executives started buying stock in the company. In several separate disclosures to the bourse - the last made on 3 April - directors and associated trusts snapped up more than R20 million-worth of stock.
During the 20 days it took Pinnacle to tell the market about Tshivhase's arrest, three separate directors dabbled in Pinnacle stock, selling more than a million shares. Between them, director George Wiehahn, CEO Arnold Fourie and Tshivhase netted R28.6 million from their sales.
These trades are currently being probed by the JSE and the Financial Services Board to determine whether any rules around insider trading were breached.
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