When the JSE slapped EOH with a fine almost a year ago for issuing misleading financial results stemming from dodgy dealings between the ICT company and its public sector client, it seemed unfair to shareholders. And it was.
Aside from the financial setback, the penalty is demoralising to the new leadership team led by Stephen van Coller, drafted in to professionalise the company, restore its battered reputation and finances, and to trawl its empty coffers to pay fines and penalties. EOH has filed a lawsuit against Bohbot and three other executives, demanding a total R6.4bn for either dragging or closing their eyes to the company’s image through the creation of an enabling environment for corruption and financial irresponsibility, broadly speaking. In addition, the company has also applied to have Bohbot declared a delinquent director, meaning he would be barred from serving on a company board for at least seven years.
The signs were always there about EOH dodgy deals and many shareholders knew about them including the politicisation of the company
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