BRIEF-Ecsponent To Investigate Investment Of R100 Mln Preference Shares In VSS Financial

  • Reuters
  • Stock Market News
BRIEF-Ecsponent To Investigate Investment Of R100 Mln Preference Shares In VSS Financial
Credit: © Reuters.

Sept 8 (Reuters) - Ecsponent Ltd ECSJ.J :

* INSTITUTED INDEPENDENT FORENSIC INVESTIGATION INTO INVESTMENT OF A R100 MILLION PREFERENCE SHARES IN VSS FINANCIAL SERVICES

* BOARD DECIDED TO INSTITUTE AN INDEPENDENT FORENSIC INVESTIGATION INTO POSSIBLE MISREPRESENTATION ON MERITS AND PURPOSE OF INVESTMENT

* COMPANY'S CLAIM AGAINST VSS FOR PREFERENCE SHARE INVESTMENT WAS SETTLED IN FULL BY MYBUCKS

* INITIAL INVESTMENT WAS MADE BY CO IN PREFERENCE SHARES OF VSS, A WHOLLY OWNED SUBSIDIARY OF MYBUCKS S.À., ON 3 JANUARY 2018 FOR R100 MILLION

* TOLD LEGAL COUNSEL TO INSTITUTE LEGAL ACTION AGAINST PARTIES WHO ARE POTENTIALLY LIABLE FOR ACTIONS TAKEN THAT RESULTED IN POSSIBLE LOSSES

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