SIU pursues billions lost in Telkom forays in Nigeria and Mauritius
Ramaphosa orders probe into allegations of corruption
President Cyril Ramaphosa has ordered a probe of Telkom’s ill-fated forays in Nigeria and Mauritius, giving the Special Investigating Unit (SIU) wide scope to look into allegations of corruption and malfeasance in the company’s affairs dating as far back as 2006.
Telkom, of which the government owns about 40%, was on a downward spiral when it entered Nigeria in 2007 via the purchase of three-quarters of a $500m (R7.6bn in today’s money) mobile business called Multi-Links. The company racked up losses and was offloaded a few years later for just $10m...