Amid a the worst crisis in its 21-year history, outgoing EOH chairman Asher Bohbot on Wednesday gave an impassioned speech in defence of the troubled company he founded more than two decades ago.
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EOH Holdings said two of its founders resigned in a board shake-up as CEO Stephen van Coller races against time to restructure the South African technology firm and calm investors and lenders.
EOH Holdings founder Asher Bohbot is stepping down from the JSE-listed IT services group’s board of directors, ending a source of potential conflict with newly appointed CEO Stephen van Coller.
Exclusive | Microsoft terminated longstanding partner agreements with EOH after an anonymous whistle-blower filed a complaint about alleged malfeasance with the US Securities & Exchange Commission.
Stephen van Coller has called on anyone with evidence of corruption involving the JSE-listed IT services group to bring it to him as he attempts to “root out” any “historical, unethical business practices”.
EOH Holdings has “proactively initiated” an internal investigation into subsidiary EOH Mthombo’s channel partner business unit after Microsoft served a notice of termination on two agreements with the company last Friday.
EOH Holdings on Friday published an open letter to its stakeholders after its shares were pummelled this week following the news that Microsoft had terminated two partner agreements with its subsidiary, EOH Mthombo. Read the full letter here.
EOH updated shareholders on Wednesday after Microsoft pulled the plug on two partnership agreements, but has still not explained the software giant’s reasons for doing so.
Shares in EOH Holdings plunged by as much as 34.3% in Johannesburg on Tuesday morning after news emerged late on Monday that Microsoft had terminated two partner agreements with the JSE-listed technology services group.
Listed technology services group EOH Holdings issued a statement to shareholders at 1.41pm on Tuesday, providing an update on the termination by Microsoft of its channel partner agreement.