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| RANDGOLD AND EXPLORATION COMPANY LIMITED |
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Randgold is an investment holding company and develops mineral rights throughout South Africa. It was formerly listed on the NASDAQ and is currently suspended on the JSE. The company is known more for being the victim of the largest corporate fraud in South Africa under the leadership of Brett Kebble.
FinFive was initially approached to update and finalise the accounting records in line with IFRS and to assist the company in completing the statutory audit with the newly appointed auditors KPMG. This process was put on hold as further fraud was discovered and it became apparent that the financial records would not deliver meaningful results. The focus changed to assisting, in conjunction with John Louw & Co in the forensic investigation. Deloitte was appointed to investigate the indirect taxes for 5 historic years where we represented Randgold and reached various settlement agreements with SARS. FinFive was then approached to act as Group Financial Manager to Randgold. The mediators recommended a merger with JCI Limited and FinFive was appointed to act on the merger steering committee and Exco. We were appointed as Public Officer of the Randgold Group and Director of all the subsidiary companies during November 2007. FinFive was involved in compiling the circular to shareholders on the sale of the Contiguous rights to Gold Fields, and the recent Update of Information to Shareholders.
Currently FinFive is appointed as the acting Chief Financial Officer of the company and is involved with the merger circular between Randgold and JCI, as well as assisting John Louw & Co in forensic audit work regarding the Kebble group of companies. More specifically, reconstructing accounting records from incomplete information for Brett Kebble’s personal investment company and investigating its solvency history and constructing claims to effectively reverse illegal transactions with reference to relevant Company and Common Law. FinFive is further involved in consulting with the SA and UK legal teams with the aim to recover the lost assets of the group. |
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