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RANDGOLD AND EXPLORATION COMPANY LIMITED |
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Randgold is an investment holding company with assets in the mining industry. It currently holds prospecting rights directly and indirectly through subsidiary companies, which it plans to develop further, in order to increase the value of its investments or to realise those rights. The company is known more for being the victim of the largest corporate fraud in South Africa under the leadership of the late 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. The focus changed to assisting, in conjunction with John Louw & Co in the forensic investigation. We represented Randgold and reached various settlement agreements with SARS. FinFive was appointed to act on the merger steering committee and Exco. We were appointed as Public Officer of the Randgold Group and as Directors 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 to the value of R395 million, and the various Update of Information circulars to Shareholders.
FinFive was later appointed as the Chief Financial Officer of the company and was 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.
FinFive was instrumental in the final settlement with JCI and others, re-listing the company in 2010 and was appointed as the Financial Director. Since then the company recovered more than R1.2 Billion rand in lost assets and distributed this to shareholders. FInFive is currently assisting in the further recovery of assets.
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