4Sight chair Rama Sithanen quits before critical meeting on Friday
Sithanen has brought forward his resignation amid a fight over the composition of the technology group’s board
Technology group 4Sight saw the second resignation of a director in as many days on Tuesday, with chair Rama Sithanen quitting with immediate effect ahead of a special board meeting on Friday.
Sithanen had previously advised that he would resign later in 2019 in order to re-enter politics in Mauritius, but had brought this forward due to “the current situation in the group”, 4Sight said in a statement.
Sithanen's resignation follows that of audit and risk committee chair Geoffrey Carter on Monday, who had said his position had been compromised amid a battle over the composition of the board.
Carter said his position was being “compromised to a point of no return, where serious issues of financial irregularities have occurred, yet no consequences except an all-out battle of egos and clash of characters”.
The company, whose subsidiaries include BluESP, said in August it had received a demand for a special shareholder meeting from an investor that owns at least 5% of its shares.
The meeting on Friday will concern the demand from the shareholder that Jacobus Botha be appointed as a director. Botha had founded Simulation Engineering Technologies (SET) in 2004, and 4Sight acquired a 70% stake for SET for R53m in April 2018.
4Sight said Sithanen's resignation was regrettable, adding that he had served the board in an “ethical, constructive and professional manner”.
The company's share price had fallen 15% to 17c at 10.30am on Wednesday,