Sbu Shabalala, the founder and CEO of technology group Adapt IT — the subject of two takeover bids valuing the firm at R1bn — has denied allegations he hired thugs to beat up his estranged wife’s partner, but will take leave to deal with his personal battles through the courts.

The shares of the firm, which started trading on the main board of the JSE in 2008, fell as much as 13.14% on Monday, the stock’s worst day in more than a year, amid the allegations surrounding Shabalala’s marriage at the weekend...

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