The investigation into R1.2 billion of suspicious transactions found evidence of governance failings and wrongdoing.
Following the release of the interim update on the forensic investigation by ENSafrica on 16 July 2019, EOH has now “substantially completed” its investigation into the R1.2 billion of suspicious transactions which were identified during the investigation.
According to a statement released by the company, the ENSafrica investigation found evidence of a number of governance failings and wrongdoing at EOH, including unsubstantiated payments, tender irregularities and other unethical business practices which are primarily limited to the public sector business centralised in EOH Mthombo and to a limited number of EOH employees.
ENSafrica has assisted EOH in submitting further reports to the authorities in line with its statutory reporting obligations, as well as proceeding with criminal charges and other legal processes to recover losses caused by the “perpetrators of wrongdoing”.
EOH also said that it has assessed the current anticipated financial impact of the findings and will announce further details and progress on the investigation outcomes in its results announcement for the year ended 31 July 2019, on 15 October 2019.