EOH fails to recover after claiming it has been cleared of Eskom allegations
Service provider named in a power utility statement about ‘acts of misconduct’
EOH’s shares failed to recover on Wednesday even as the technology group said it has already been cleared of any wrongdoing regarding Eskom’s procurement team. The group’s shares lost 14.8% on Tuesday after SA’s power utility told bondholders that members of its procurement team, including the team’s former head Jay Pillay, had been “involved in acts of misconduct involving EOH”. It did not provide further details. Eskom said previously in its interim financial statements that it had “confirmed” a conflict of interest involving Pillay and EOH. Further, a former member of Eskom’s audit and risk committee, George Sebulela, had not declared a conflict of interest and did not “recuse himself on deliberations” involving service provider EOH. Sebulela, a former Absa Capital executive, resigned from Eskom in October 2018. On Wednesday, EOH responded by saying that the two allegations mentioned by Eskom “are matters that have been fully investigated and the matters concluded last year ”. “E...
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