Johannesburg - Shares of South African technology company Pinnacle Holdings plunge over 20 percent, their biggest one-day drop in a decade, after one of its executive directors is charged with offering a R5 million bribe to a senior police official to win an equipment contract for the firm.
As of 13:20 SA time, its shares are almost 21 percent lower at 15.85 rand, making it the biggest decliner on Johannesburg's All-share index.
Takalani Tshivhase allegedly offered the 5 million rand bribe to a Lieutenant General in the South African Police Service (SAPS) in exchange for a multi-million rand contract to supply police with devices used in investigations, SAPS said.
He has denied the charges and Pinnacle says there was “no reason to doubt the veracity” of Tshivhase's denial, based on the evidence available to the company. - Reuters