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ROYAL BAFOKENG PLATINUM LIMITED - RBPlats response to an article published in The Star newspaper on 4 July 2019

Release Date: 04/07/2019 17:45
Code(s): RBPCB RBP     PDF:  
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RBPlat’s response to an article published in The Star newspaper on 4 July 2019

Royal Bafokeng Platinum Limited
Incorporated in the Republic of South Africa
Registration number 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
JSE bond code: RBPCB ISIN: ZAE000243853
("RBPlat" or "the Company")

RBPlat’s response to an article published in The Star newspaper on 4
July 2019

Security holders are referred to the article titled “Royal Bafokeng
Platinum accountants probed for alleged unethical conduct” published
in The Star today, 4 July 2019, in which unfounded allegations about
RBPlat and some of its directors were made.

There is no merit whatsoever to the allegations and RBPlat denies
them in the strongest possible terms. We are aware of these
allegations as they were first made by Ithemba Consulting (Ithemba),
towards the end of 2017.

By way of background, RBPlat concluded a written contract with a
local construction company (the contractor) on 20 July 2017 in terms
of which it would fence an overland conveyor at our operations (the
Contract). The Contract was of a limited duration and the contractor
was paid all monies due to it in terms of the Contract.

During December 2017, Ithemba alleged that it had concluded a
financing arrangement with the contractor, however RBPlat was not a
party to this arrangement and did not consent to any such
arrangement.

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 and considered the allegations he was making
to be highly defamatory. Despite this, Ithemba continued to make
these allegations to various parties over a period of time which
lead us to believe that they formed part of a sinister campaign to
coerce RBPlat into making payments of amounts to which they were not
entitled.

This unlawful campaign was so defamatory and concerted that RBPlat
was left with no alternative but to approach the High Court for
relief. The allegations referred to in the article were dealt with
extensively in the court application, in which it was also made
clear that any “claim” asserted by Ithemba against RBPlat was based
on forged documents. On 23 May 2018, the High Court agreed with
RBPlat and granted a court order interdicting Ithemba from
continuing to defame RBPlat and from otherwise harassing RBPlat, its
associate companies, directors and employees. A copy of the court
order is available for inspection at RBPlat’s offices. Subsequent to
the court application, RBPlat lodged a criminal complaint against
Ithemba and has also sued them for damages suffered by RBPlat as a
result of their conduct. This claim is still before the courts.
Ithemba have breached the interdict on several occasions and an
application to hold them in contempt of the court order will be
determined in due course.

Regarding the South African Institution of Chartered Accountants
(SAICA) investigation, which has been mentioned in the article,
neither the non-executive directors of the Company nor RBPlat have
been contacted by SAICA on the matter, as such, the Company has not
been made aware of the investigation that is allegedly being
conducted. However, RBPlat is willing to cooperate fully with SAICA
when required to do so.


Johannesburg
4 July 2019

JSE Sponsor
Merrill Lynch South Africa Proprietary Limited

For further enquiries, please contact:

Investors
Lindiwe Montshiwagae
Executive: Investor Relations
Tel: +27 (0)10 590 4517
Mobile: +27 (0)82 920 7803
Email: lindiwe@bafokengplatinum.co.za

Media
Mpueleng Pooe
Executive: Corporate Affairs
Tel: +27 (0) 10 590 4515
Mobile: +27 (0) 82 894 3801
Email: mpueleng@bafokengplatinum.co.za

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