ROYAL Bafokeng Platinum (RBPlat) described allegations of unethical conduct by its directors towards a consulting firm as “unfounded” and “highly defamatory”, said Fin24 citing an announcement by the platinum group metals producer on July 4.
In a notice to shareholders issued after trade had closed on Thursday, RBPlat said there was “no merit whatsoever” in a report by The Star newspaper which stated the South African Institute of Chartered Accountants (Saica) was investigating six RBPlat board members for allegedly trying to defraud Ithemba Consulting. “RBPlat denies them in the strongest possible terms,” the notice read.
Ithemba Consulting claims it had concluded a financial arrangement with a construction company that had provided services to RBPlat. RBPlat argues that all monies due to the construction firm were paid in terms of the contract and no other obligations were outstanding on its part.
“RBPlat was not a party to this arrangement and did not consent to any such arrangement,” it said of any transaction between Ithemba and the construction firm. “As there was never any business or contractual relationship between RBPlat and Ithemba, we made it clear that RBPlat owed no obligations or payment to Ithemba,” the notice read.
The mining company said that it has not been made aware of the investigation by Saica, but would be willing to cooperate with the body when required. Fin24 said it was yet to receive a response from Saica on the matter.