Renergen says 'relevant' authorities have found no corporate governance wrongdoing
ASX- and JSE-listed Renergen says it has been cleared of any wrongdoing following an investigation into allegations levelled at the company over the past few months regarding potential irregularities in its business practices and South African corporate governance.
“The relevant South African regulatory bodies have unequivocally cleared the company and its directors of any alleged wrongdoing, leaving no grounds for further inquiry or action,” Renergen said in a statement on August 14. It would, however, not divulge to Engineering News which regulatory bodies it was referring to.
In its statement, the company mentioned concerns raised by stakeholders about the company's adherence to established regulations and industry standards stemming from its acquisition of Tetra4 in 2015.
The key areas of scrutiny included allegations relating to company directorships that were not appropriately disclosed, along with allegations that the company had not complied with JSE disclosure requirements or had misled investors. It was also alleged that Renergen's financial statements were not fully in compliance with international financial reporting standards.
The company also referenced an allegation related to the unauthorised discharge of wastewater.
It noted in the statement to shareholders that "the relevant" South African regulatory authorities had initiated comprehensive investigations with Renergen’s cooperation and found no wrongdoing.
“With this matter conclusively resolved and our ethical business practices and regulatory compliance decisively validated, we will continue to focus on delivering value . . . while upholding the highest standards of corporate governance and responsible business conduct,” the company said.
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