Maroc - dailynews.co.za - Business - 14/Aug 16:23

Renergen says regulatory authorities have cleared it of allegations of corporate governance failure

Renergen, owner of South Africa’s only helium and liquid natural gas production facility, in Virginia, Free State, said regulatory authorities had “unequivocally” cleared the company and its directors of any alleged wrongdoing, leaving no further grounds for enquiry or action.The share price increased 2.2% to R11.50 on the JSE yesterday morning, post the release of the statement by the company.The company had faced allegations regarding potential irregularities in its business practices and South African corporate governance over the past several months, despite it “consistently demonstrating its unwavering commitment to sound corporate governance”, Renergen’s directors said.The claims had raised concerns about the company’s adherence to 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; that the company had not complied with JSE disclosure requirements or had misled investors; that certain financial statements were not fully in compliance with IFRS; and about an alleged unauthorised discharge of wastewater.“Responding to these allegations, the relevant South African regulatory authorities initiated comprehensive investigations. We fully co-operated with these inquiries, providing complete transparency and access to all necessary information,” the company said. BUSINESS REPORT