What is ailing EOH?
The trouble with EOH
The company’s share price is the lowest it has been for a long time, attracting asset managers but raising questions
For new EOH boss Zunaid Mayet, who replaced founder Asher Bohbot in May, this year’s precipitous 34% share price plunge is due squarely to bad press. Mayet is fuming about "defamatory" reports from investigative journalism centre amaBhungane in April that linked EOH insiders — father-and-son team Jehan and Danny Mackay — to Lunga Ncwana, a "shady" middleman in the SA Social Security Agency (Sassa) grants scandal. "We’ve been very clear in our repudiation of the article and its insinuations," says Mayet, who joined the company in 2009 and headed its industrial technologies division. "We’ve engaged independent lawyers to come in and do a review [of] the facts in relation to the article. These have been presented to the EOH board and we’re satisfied that there is no truth [in them]. The articles are baseless," he says. The guts of the allegations are that Ncwana, a former ANC Youth League member close to social development minister Bathabile Dlamini, worked with Jehan Mackay to ensure ...