SKJ - Sekunjalo Investments Limited - Sekunjalo sues former director

SKJ - Sekunjalo Investments Limited - Sekunjalo sues former director            
Kevin Patel and holds him accountable for historic losses                       
Sekunjalo Investments Limited                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/006093/06)                                            
Share code:  SKJ & ISIN: ZAE000017893                                           
("Sekunjalo" or "the Company" or "the Group")                                   
SEKUNJALO SUES FORMER DIRECTOR KEVIN PATEL AND HOLDS HIM ACCOUNTABLE FOR        
HISTORIC LOSSES                                                                 
Shareholders are hereby advised that the Board of Sekunjalo and the             
Board of its subsidiary, Premier Fishing SA (Pty) Ltd ("Premier                 
Fishing") have instituted legal action in the Western Cape High Court           
against a former director of Sekunjalo and the former Chief Executive of        
Premier Fishing, Mr Kevin Patel and one other for the recovery of               
damages suffered by Premier Fishing due to their alleged breach of              
contract, in the total amount of R64 916 795. Pleadings are in the              
process of being filed, and it is anticipated that the matter will be           
heard during 2013.                                                              
The company further announces that it is considering doing a forensic           
investigation into transactions entered into by management whilst Mr            
Patel was the Chief Executive Officer of Premier Fishing. These                 
transactions include Mauritian fish trading firms as well as possible           
fraudulent activity and mismanagement.                                          
The Company has initiated this investigation after an extensive due             
diligence into the financial and other transactions that took place at          
the time of Mr Patel`s tenure as Chief Executive Officer of Premier             
Fishing. Premier Fishing suffered these losses in the 2008 financial            
year and these losses were provided for in full during that year and            
accordingly will have no negative impact on the Group`s current and             
future results.                                                                 
The company is determined to hold past executives accountable for their         
actions and will pursue these vigorously. In terms of Corporate                 
Governance as well as considering all stakeholders, the relevant board          
of Directors felt obliged to act against the executives in this manner          
where applicable.                                                               
Sekunjalo would like to advise shareholders that it has the necessary           
internal controls in place which are actively monitored to ensure good          
corporate governance.                                                           
Shareholders will be informed of any further developments in due course.        
Cape Town                                                                       
15 November 2011                                                                
Sponsor                                                                         
PSG Capital                                                                     
Date: 15/11/2011 08:00:01 Supplied by www.sharenet.co.za                     
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