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Pinnacle share price plummets

Stocks have dropped more than 40% since Monday following the arrest of a company executive.

Pinnacle Holding’s share price has dropped more than 40 percent since 24 March. Picture: Sebabatso Mosamo/EWN.

JOHANNESBURG - Pinnacle Holding's share price has dropped more than 40 percent since Monday following the revelation that one of its executive directors has been charged with bribery.

Takalani Tshivhase was arrested on 5 March after allegedly offering a R5 million bribe to a member of the South African Police Service.

He was trying to secure a multi-million rand tender for Pinnacle.

Speaking on The Money Show late on Wednesday, the company's Chief Executive Officer Arnold Fourie said nobody was aware of this.

"As a company, we prescribe fully to our ethics and we wouldn't offer bribes. I wouldn't have reason to suspect Mr Tshivhase or any other staff members."

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