Hard-hit Pinnacle recovers some losses

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Takalani TshivhasePinnacle Independent Newspapers. Takalani Tshivhase. Photo: From Pinnacle Holdings website.

Johannesburg - Shares of South African technology company Pinnacle Holdings claw back 4.8 percent to 12 rand after a two-day rout that wiped out 1.45 billion rand of the mid-cap's market value.

Investors have hammered Pinnacle after a company director was arrested for allegedly trying to bribe a senior police official.

The charges - together with filings that show Pinnacle's chief executive and executives sold stakes in the company before announcing the allegations - have also prompted a regulatory investigation. - Reuters

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