Neotel CFO Steven Whiley resigns

Steven Whiley (pictured), the CFO of fixed-line telecommunications company, Neotel, has resigned. This comes in the midst of an investigation into allegations of bribery and corruption in connection with a Transnet deal worth R1.8 billion. Neotel CEO, Sunil Joshi, was also implicated, and is currently on special leave pending the outcome.

According to Neotel, as a result of the lengthy duration of the investigation, Whiley decided to pursue his own interests, and will resign from Neotel effective 30 November.

The company said in a statement:

"The placing of Mr Steven Whiley on leave was a board initiated process, whilst an investigation was being conducted into certain transactions involving Neotel (Pty) Ltd and Homix… Mr Steven Whiley complied with this process, cooperated therewith and fully supported the board of Neotel, for which the board is most grateful. With the information currently at its disposal the Board is satisfied that Steven Whiley has at all times acted with integrity."

No news has been made available as yet regarding the progress of the investigation. Kennedy Memani, the company's non-executive director, has been acting as custodian and offering executive overshight while Sunil remains on leave.

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