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TRUSTCO GROUP HOLDINGS LIMITED - Trustcos Application for Reconsideration at the Financial Services Tribunal Dismissed

Release Date: 23/11/2021 17:11
Code(s): TTO     PDF:  
Wrap Text
Trustco’s Application for Reconsideration at the Financial Services Tribunal Dismissed

Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
(“Trustco” or “the Group”)


Trustco refers to the SENS announcement published on 13 November 2020 where shareholders were
updated on the progress of the proactive monitoring. Trustco reiterates that the directors, having
consulted with its external JSE accredited International Financial Reporting Standards (IFRS) experts,
and having concluded multiple unmodified audits by two JSE accredited auditor firms, maintain their
view that the transactions referenced in the proactive monitoring were correctly accounted for and

Trustco is disappointed to note that its application for reconsideration by the Financial Services
Tribunal has been dismissed, as referenced in the SENS announcement published by the JSE on 22
November 2021. Trustco does not agree with the judgement.

The Board remains responsible and accountable to Shareholders for the preparation and presentation
of the financial statements and their compliance with IFRS. The Board cannot abdicate this
responsibility to third parties who are not the Group’s appointed professional advisors.

Trustco has 180 days to bring a review application to the High Court in South Africa in terms of the
Promotion of Administrative Justice Act No. 3 of 2000.

Shareholders are advised that consultations with its JSE accredited auditors, external JSE accredited
IFRS advisors as well as minority shareholders are ongoing to consider its options going forward.
Shareholders are welcome to contact the company secretary for more information at

Windhoek, Namibia,
23 November 2021

Komada Holdings (Pty) Ltd
Company Secretary and Investor Relations Services to Trustco Group Holdings Limited

JSE Sponsor
Vunani Corporate Finance – Johannesburg

NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek

OTCQX Sponsor
J.P Galda & Co – New York

Date: 23-11-2021 05:11:00
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