Sekunjalo Investments Limited - Press Release

Sekunjalo Investments Limited - Press Release                                   
Sekunjalo Investments Limited                                                   
ISIN:       ZAE000017893                                                        
SHARE CODE: SKJ                                                                 
PRESS RELEASE                                                                   
12 JUNE 2003                                                                    
Sekunjalo Investments Limited announced, on 26 May 2003, its intention shortly  
to institute a damages action against Deloitte & Touche, the auditors of        
LeisureNet.  At the time of the announcement, and in the light of the many      
investors (including many small-scale investors) who have lost their investments
because of the financial collapse of LeisureNet, Sekunjalo was considering the  
possibility of taking the lead in a class action against Deloittes.             
Sekunjalo"s lawyers have prepared the papers necessary to institute the claim   
against Deloittes. However, Sekunjalo has decided to delay the issuing of       
summons against Deloittes for a further short period pending possible further   
developments.                                                                   
In preparing the papers, it has now become apparent that the basis on which     
Sekunjalo will sue Deloittes is possibly unique to Sekunjalo.  This is because  
of the specific factual circumstances behind Sekunjalo"s investments in         
LeisureNet.  Sekunjalo lawyers are giving further consideration to the          
possibility of a class action against Deloittes.                                
In addition, Sekunjalo is waiting to hear from the attorneys representing the   
liquidator of LeisureNet as to whether or not the liquidator is intending to    
pursue its investigations in other jurisdictions, such as Malta, England and    
Germany.  Sekunjalo hereby calls upon the liquidator to extend the commission of
enquiry into those jurisdictions, where LeisureNet"s offshore arm, Health land, 
operated.  Such an operation of the scope of the enquiry may impact on          
Sekunjalo"s claim.                                                              
Ends                                                                            
Prepared on behalf of Sekunjalo Investments Limited by Mallinicks Attorneys     
For further information, please contact:                                        
Dr Iqbal Surve                                                                  
CEO - Sekunjalo Investments Limited                                             
Tel No: (021) 683 9100                                                          
Cell No: 082 491 0179                                                           
Date: 12/06/2003 03:32:24 PM Supplied by www.sharenet.co.za                     
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