Software and technology company EOH plunged 34.7% on Thursday to close at R45. The free-fall came one day after investigators from the Independent Police Investigative Directorate (Ipid) reportedly searched the home of Keith Keating, a director of three businesses owned by the group, over his involvement in corrupt government contracts. On Wednesday, Daily Maverick reported that Keating was implicated in alleged procurement irregularities in the South African Information and Technology Agency and South African Police Service (SAPS) amounting to about R6.1bn. Ipid told the standing committee on public accounts that the procurement system had been manipulated in favour of Keating’s company, Forensic Data Analysts (FDA), and that there was a corrupt relationship between FDA and SAPS, the Daily Maverick’s article said. Responding to volatility in its share price, EOH issued a short statement after the market closed on Thursday noting that it had agreed with "the former shareholders" of ...
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