Divorce from police supplier to cost EOH R400m
EOH’s acrimonious divorce from Grid Control Technologies (GCT) and its associated companies will reduce its 2018 financial year earnings by about R385m, the IT group said on Wednesday. Companies within the GCT group included Forensic Data Analysts, whose founder, Keith Keating, recently issued a media release claiming his company "has been exposed to hostile corporate takeover tactics, which began with a demand to hand over shares in the company without compensation". Keating did not name EOH in his statement, but alluded to some shareholder in Forensic Data Analysts, which he accused of using takeover tactics "reminiscent of the methods employed to force Optimum Coal into business rescue, allowing it to be bought for scraps by Tegeta and to take over Optimum’s government coal supply contracts". EOH said in a statement in November that it was in the process of "unwinding" an investment in the GCT group it made in 2015. "These discussions were initiated as a result of a significant u...
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