News24
10 Oct 2019, 23:44 GMT+10
ICT group EOH's [JSE:EOH] board has "substantially completed" an investigation into R1.2bn of suspicious transactions, it said on Thursday.
In a statement published on the JSE Stock Exchange News Service, EOH said it found evidence of "a number of governance failings and wrongdoing" including questionable payments and tender practices.
These, it said, occurred primarily in the public sector business and were committed by a limited number of employees.
Law firm ENSafrica has assisted in submitting further reports to the authorities, EOH added, as well as proceeding with criminal charges. Legal processes have begun to recover losses incurred as a result of wrongdoing, the statement said.
"Following the release of the interim update on the forensic investigation by ENSafrica on 16 July 2019, the board has now substantially completed the investigation into the R1.2bn of suspicious transactions which were identified during the investigation," EOH said.
"The ENSafrica investigation found evidence of a number of governance failings and wrongdoing at EOH, including unsubstantiated payments, tender irregularities and other unethical business practices which are primarily limited to the public sector business centralised in EOH Mthombo (Pty) Ltd and to a limited number of EOH employees."
According to EOH, it has assessed the current financial impact of the investigation's findings, and will provide details on October 15, in its results announcement for the year ended July 31.
Earlier this year, EOH was barred from reselling Microsoft software licences amid reports that a whistleblower filed a complaint with the US Securities & Exchange Commission about alleged EOH corruption in a department of defence software deal. Three top executives have since announced their resignations.
The group has previously warned of heavy losses even without the anticipated costs of any wrongdoing found, Fin24 previously reported. It recently said it anticipated earnings per share to show a loss of at least 2 700c in the year to end July, versus a profit of 202c per share in the same period last year.
Get a daily dose of Tennis Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Tennis Times.
More Information(Photo credit: Reggie Hildred-Imagn Images) Following one of the more stunning losses in school history, No. 16 Maryland must pull...
Mumbai (Maharashtra) [India], February 28 (ANI): India is about to witness one of the greatest rivalries in world football. On April...
(250228) -- ACAPULCO, Feb. 28, 2025 (Xinhua) -- Tomas Machac of the Czech Republic hits a return during the quarterfinal match against...
(250228) -- ACAPULCO, Feb. 28, 2025 (Xinhua) -- David Goffin of Belgium serves during the singles quarterfinal match against Nakashima...
(Photo credit: Isaiah J. Downing-Imagn Images) The Colorado Avalanche missed an opportunity when Minnesota came to town six weeks...
(Photo credit: Jamie Sabau-Imagn Images) Jordan Clarkson called it 'wild,' and his coach referred to it as one of those strange moments...
DUBAI, UAE - Fuelre4m has announced a new partnership with one of the UAE's largest yacht operators aimed at improving fuel efficiency...
Wang Zichao (R) shoots a documentary about a patient suffering from hereditary epidermolysis bullosa in Changzhi City, north China's...
New Delhi [India], February 28 (ANI): Luke Coutinho, a globally renowned holistic nutrition, integrative, and lifestyle expert, appreciated...
(250228) -- LHASA, Feb. 28, 2025 (Xinhua) -- People play fireworks in celebration of the Gutu Eve in Lhasa, southwest China's Xizang...
Corneille Nangaa, the political leader of the Congo River Alliance, a politico-military group allied with M23, speaks during a rally...
New Delhi [India], February 28 (ANI): The Supreme Court on Friday dismissed a plea regarding the stampede that took place at the New...