Suspicious payments flowed to a company owned by Johannesburg mayor Geoff Makhubo and to the ANC in the months directly before and after EOH landed major contracts with the city.
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Former EOH executive Jehan Mackay has taken centre stage in corruption allegations involving payments to senior ANC figures, including Zizi Kodwa and a former personal assistant to ex-President Jacob Zuma.
Since their peak in 2016, shares in EOH – which describes itself as Africa’s largest technology service provider – have plunged by an eye-watering 97%. They have lost more than 50% in the value since 1 January alone.
In a pre-closing update ahead of the publication of the group’s interim financial results for six months to end-January 2020, EOH signalled that it’s slowly turning the corner, operationally at least.
Shares in the JSE-listed technology group plunged to levels last seen more than 10 years ago on Wednesday as investors continued to fret about its prospects.
EOH Holdings chairman Xolani Humphrey Mkhwanazi has passed away, the JSE-listed technology group said on Monday.
EOH has blacklisted 50 “enterprise development” partners and intermediaries and reported suspected criminal behaviour to authorities for investigation and possible prosecution as it continues a clean-up of its operations.
EOH Holdings’ new black empowerment partner, Lebashe Investment Group, has said it won’t subscribe for a R250-million third and final tranche of a planned R1-billion investment in the JSE-listed technology group.
EOH Holdings expects to report a headline loss per share of at least R18 for the year ended 31 July 2019, with the number impacted by impairments, it warned shareholders on Wednesday.
EOH Holdings has renamed its ICT services business iOCO, the JSE-listed technology group said in an update to shareholders on Thursday.