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IT

Altron Nexus suspends three executives after probe finds potential procurement irregularities

Monday 9 September 2019 | 10:01 CET | News

Three senior executives of Altron Nexus, a subsidiary of South African technology company Altron, have been placed on precautionary suspension following an investigation that has revealed potential internal irregularities, ITWeb. The company did not give their names.

It said that after receiving information from a whistleblower in June 2018, Altron appointed independent investigators to look into alleged procurement irregularities among a few senior executives at Altron Nexus. The investigation found no evidence of irregularities but made recommendations on procurement process improvements and reporting obligations, which have been implemented.

In June, Altron says it received a second tip-off from a whistleblower concerning similar allegations. The company immediately initiated another investigation by forensic services company Naledi Advisory Services. It says the preliminary findings have revealed potential deviation from procurement procedures involving an estimated ZAR 23 million, and early profit recognition of about ZAR 20 million in the 2018 financial year. 


 



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Categories: IT
Companies: Altron
Countries: South Africa
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