Neotel CFO resigns

News General South Africa 30 NOV 2015
Neotel CFO resigns
South African operator Neotel's CFO Steven Whiley has resigned in the midst of an investigation into allegations of corruption against him, ITWeb reported. Whiley and CEO Sunil Joshi were both placed on "special leave" at the beginning of August while the company investigated their involvement in allegedly bribery and corruption in connection with a Transnet deal worth ZAR 1.8 billion. This after the Mail & Guardian reported the two were involved in payments worth tens of millions of rands to the letterbox company Homix to clinch the lucrative Transnet deal. 

Neotel said Whiley "complied with this process, cooperated therewith and fully supported the board of Neotel" during its investigation, and the company was "satisfied that Steven Whiley has at all times acted with integrity”. As a result of the lengthy duration of the investigation, Neotel said that Whiley had decided to pursue his own interests and will leave the company from 30 November. Non-executive director Kennedy Memani has been acting as custodian and providing interim executive oversight while the CEO remains on leave.


 

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General

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NeoTel

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South Africa

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Regulations, Finance

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