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PNC director arrested for bribery

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Valued Contributor
three weeks ago on 5 March, directors been selling since results released 7 March and we hear about it in the media today .. SENS due shortly ..
http://www.techcentral.co.za/pinnacle-director-charged-with-corruption/47122/
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27 REPLIES 27
Super Contributor
So they went with a different bribe then...?
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Super Contributor
So they went with a different bribe then...?
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phd
Contributor
One of the many dangers of tokenism
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Not applicable
went long on a few cfd's people are selling on emotions or very short term news.
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md49
Contributor
CASH+KING - fair point. but this coupled with the results recently just adds to the sentiment.
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Super Contributor
So now we know how Pinnacle sustained their wonderful growth over the years. Falling knife I'm not willing to catch.
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Super Contributor
And now? Trading suspended?
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Frequent Contributor
I also raised concern on directors sell off on this forum, but many people didn't want to connect the dots. But teh question is...have the fundamentals changed or not?
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Frequent Contributor
I also raised concern on directors sell off on this forum, but many people didn't want to connect the dots. But the question is...have the fundamentals changed or not?
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Super Contributor
R14 target not far off now
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Super Contributor
If they are implicated in a bribery scandal then - yes - fundamentals have most certainly changed. If there is an investigation it may be expanded to include other state business. They may have trouble collecting money owing from state business. Any further state tenders are in doubt etc.
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Super Contributor
Same exec accused of corruption sold R4 mil of shares last week. He undoubtedly knew what was coming. What I would like to know i how do you hide millions of bridery money in your books without independant ouditors picking up on it ? I see the director charged is also the Chairman of the Ethics and Social Committe at Pinnacle - funny stuff. They will have to own up to shareholders....
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Super Contributor
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Frequent Contributor
management not open with shareholders = lack of trust - this share price is going down. catch knives at your own peril.
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john43
Occasional Contributor
the share will probably be suspended tonight and everyone loses - except the cat that sold 4000 000 at 20 rand a share
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Super Contributor
It's lost almost 50% since its high in August.
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Super Contributor
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phd
Contributor
Shouldn't he be locked up for insider trading (and bribery).
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Valued Contributor
important point, Arnold Fourie entered a zero cost collar a while back and the institution he entered in with are calling his shares at 1.2m per month as long as price above threshold .. so he forced seller
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