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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") PRESS RELEASE 15th November 2011 Cape Town SEKUNJALO SUES FORMER DIRECTOR KEVIN PATEL AND HOLDS HIM ACCOUNTABLE FOR HISTORIC LOSSES The board of Sekunjalo Investments Limited ("Sekunjalo") and the board of Premier Fishing SA (Pty) Ltd ("Premier Fishing") wishes to announce that it has sued a former director of Sekunjalo Investments Ltd and the former Chief Executive of Premier Fishing for damages amounting to R64 916 795. Premier Fishing instituted legal action in the Western Cape High Court on 17 June 2011, against two former executive employees, jointly and severally, for the recovery of damages suffered 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 has sued Mr Kevin Patel and one other after extensive consultation with its employees, shop stewards and the Food and Allied Workers Union. Furthermore, the company also 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, credit card transactions by various personnel in breach of company policy, 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 it 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. The relevant board of Directors felt obliged to act in this manner against the executives from a governance perspective as well as after considering the views of all the above stakeholders. Ends....... Contact: Adri Senekal Stakeholder Relations Tel: 021 427 1400 Cell: 082 944 4455 Sponsor PSG Capital Date: 15/11/2011 09:02:27 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
