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In fiscal 2000 Corpcapital Ltd, a public company listed on the Johannesburg Stock Exchange, published its Annual Financial Statements. Cytech, an off-shore gambling casino, in which Corpcapital held a 47.5% share, contributed almost 60% of these earnings, a material result which was not disclosed in the Annual Financial Statements of Corpcapital Ltd in 2000.
 The valuations of Cytech, which served as the basis for transferring notional profits to Corpcapital, soared from zero to almost R500 million in two years, before collapsing to a nominal amount in the next two years. Management conducted the valuations, and benefited materially, some R60 million in executive benefits over two years. read more |
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