“Stakeholders are now advised that the board, after completion of the internal investigation, has decided to institute an independent forensic investigation into possible misrepresentation on the merits and purpose of the investment at the time of the initial investment proposal, which may have ultimately resulted in financial loss to the company,” the group said.
Earlier in September, Ecsponent said it had instituted legal action after a forensic investigation into $7.5m in funds received by a Mauritius-based subsidiary. The group said at the time the use and distribution of the funds had been probed.
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Ecsponent begins legal action after probe into R100m MyBucks investmentThe group had internally probed an investment it made into redeemable preference shares of VSS Financial Services in 2018
Source: BDliveSA - 🏆 12. / 63 Read more »