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Johannesburg - Pinnacle Technology [JSE:PNC] announced that the Directorate of Market Abuse at the Financial Services Board (FSB) decided to close an investigation and no enforcement action will be taken.
It relates to an investigation in terms of section 84 of the Financial Markets Act (FMA), relating to a possible contravention of section 78 of the FMA (insider trading).
The investigation related to share transactions in the company executed during March 2014.
An executive director of technology allegedly offered a R5m bribe to a senior police official in order to win a contract for his company, police claimed at the time.
Pinnacle denied the allegations and said there was "no reason to doubt the veracity" of the director's denial from the evidence available to the company.
It relates to an investigation in terms of section 84 of the Financial Markets Act (FMA), relating to a possible contravention of section 78 of the FMA (insider trading).
The investigation related to share transactions in the company executed during March 2014.
An executive director of technology allegedly offered a R5m bribe to a senior police official in order to win a contract for his company, police claimed at the time.
Pinnacle denied the allegations and said there was "no reason to doubt the veracity" of the director's denial from the evidence available to the company.
