Takalani Tshivhase. Photo from Pinnacle Holdings website.

Johannesburg - South African prosecutors have dropped charges of attempted bribery against an executive director of Pinnacle Holdings due to insufficient evidence, the small-cap technology company said on Monday.

The Specialised Commercial Crime Unit (SCCU) in March arrested Takalani Tshivhase on charges he allegedly offered a bribe to a senior police officer to win a contract.

Tshivhase has denied the charges and Pinnacle said it had no reason to doubt him.

“The SCCU has come to the conclusion that the evidence presented is insufficient to provide a reasonable prospect of a successful prosecution. The charges against Mr Tshivhase will accordingly be withdrawn,” the company said.

Shares of Pinnacle, which had been hammered after news of the charge against Tshivhase earlier this year, surged 33 percent to 13.10 rand by 16:00 SA time. - Reuters