SQE - Square One Solutions Group Limited - Board Announcement
Square One Solutions Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/026822/06)
Share code: SQE ISIN: ZAE00023768
("Square One" or "the company")
Further to our SENS announcement on Monday 10th May 2010 announcing the
resignation of Mr. Garth Alan Coetser as Chairman of Square One Solutions Group
Limited and as director of all underlying subsidiaries we have taken note that
there are various articles in the press which still link Mr. Coetser to Square
One Solutions Group Ltd and its subsidiaries.
On Saturday there was an article indicating that SARS had issued a warrant of
arrest for Garth Alan Coetser for alleged VAT fraud.
We wish to place on record that as far as we are aware no Square One Group
companies are implicated on the charge sheet presented to Mr. Coetser and other
parties. As a Group we have not formally had sight of the charge sheet and our
understanding is that if any of the Group companies were implicated in any way
in this matter the authorities would have served appropriate documentation on
the Group or affected entities.
We have noted that in one of the press reports an entity by the name of Square
One Power is linked to the allegations against Mr. Coetser. We wish to place on
record that Square one Power was sold out of the Group in 2007 and is no longer
part of the Group. To the extent that there may be other entities on the charge
sheet with a Square One name on the charge we at this time wish to distance the
Group from the regrettable allegations against our former Chairman as well as
any such entities and reiterate that no Group companies are implicated in this
unfortunate process that is unfolding.
At this stage we are not in any position to comment on any of the allegations
against Mr. Coetser as we have also been caught by surprise by these allegations
and we have not been privy to the charge sheet or any facts around the matter.
We trust that the matter will be resolved expeditiously without further
reputational damage to Square One Solutions Group Limited and its subsidiaries.
This unfortunate event is having a negative impact on perceptions around the
Group and the remaining management and directors are acting to the best of our
abilities to protect the interests of stakeholders in the most appropriate
Shareholders and other stakeholders will be provided with further proposed
actions around this matter and any actions around the Group as soon as
By order of the Board
13 May 2010
Grindrod Bank Limited
Date: 13/05/2010 08:52:01 Supplied by www.sharenet.co.za
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