Johannesburg - An executive director of technology firm Pinnacle Holdings [JSE:PNC] allegedly offered a R5m bribe to a senior police official in order to win a contract for his company, police said on Tuesday.
Takalani Tshivhase was arrested after he allegedly offered the bribe to a Lieutenant General in the South African Police Service in order to win a contract to provide the police service with field equipment, police said in a statement.
Investors dumped Pinnacle stock on the news, sending the share price 18% lower by 12.35.
Tshivhase, who has denied the charges, was arrested on March 5 and released on bail that day, police said.
His court case has been postponed until April 24 to allow for further investigation, police said.
Pinnacle said in a statement on Tuesday that Tshivhase has denied the allegations and will defend the charges.
It said there was "no reason to doubt the veracity" of his denial from the evidence available to the company.
Takalani Tshivhase was arrested after he allegedly offered the bribe to a Lieutenant General in the South African Police Service in order to win a contract to provide the police service with field equipment, police said in a statement.
Investors dumped Pinnacle stock on the news, sending the share price 18% lower by 12.35.
Tshivhase, who has denied the charges, was arrested on March 5 and released on bail that day, police said.
His court case has been postponed until April 24 to allow for further investigation, police said.
Pinnacle said in a statement on Tuesday that Tshivhase has denied the allegations and will defend the charges.
It said there was "no reason to doubt the veracity" of his denial from the evidence available to the company.