NEDBANK’s battle with Pinnacle Pointinvestorstook a twist yesterday when legal opinionswere established to be fraudulent. TUART THEOBALD The opinions were purported to show Nedbank was aware in July 2008 that trading in Acc-Ross shares could violate the Securities Regulation Panel (SRP) mergers and acquisitions code — four months before it halted the trading. The opinions, given to Business Day this week, have been discredited by their alleged authors. Nedbank legal GM Willem Kruger said yesterday individuals in Nedbank had been subjected to an intimidation campaign linked to legal challenges arising from the Acc-Ross issue. He believes the campaign is calculated to force Nedbank to settle, but the bank is determined to see the legal process through. Business Day reported yesterday that the opinions, dated July and August 2008, would imply Nedbank was aware of its potential violation of the code long before it had previously disclosed. Nedbank Capital executive director Brian Kennedy said the bank obtained opinions only in November 2008 and February last year. The advocates alleged to have written the earlier opinions, Robbie Stockwell and Chris Eloff, both confirmed yesterday the opinions were not theirs. Shareholders of Pinnacle Point, which bought Acc-Ross in November 2008, have filed a R1,3bn claim in the high court and laid complaints with regulators including the SRP, which should rule soon. An unfavourable ruling could cost Nedbank billions. Mr Kruger said the bank was convinced of the strength of its case. Source: Business Day |
