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Prosus faces investor criticism over $144 million fee for Naspers share swap
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Telkom shares sink after announcing CEO will step down next year
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Corporate governance under spotlight as EOH sues ex-bosses
By Sandile Mchunu
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CORPORATE wars among JSE-listed companies once again came under the spotlight early this week when EOH Holdings laid claims against its former executive directors who were allegedly fingered in corrupt activities during their tenure at the company.
EOH sued its former co-founder and chief executive Asher Bohbot for R1.7 billion over material and reputational damages the company said it suffered from allegedly corrupt contracts he oversaw.
The group is also filing for damages against former chief financial officer John King, former head of public sector Jehan Mackay, and the former head of EOH International, Ebrahim Laher, for a total of R6.4bn.
Shares of partly state-owned Telkom closed higher on the JSE yesterday after it upgraded its medium-term growth targets and said it would reconsider the suspension of dividends.
Telkom’s comeback as a major cellular network operator is paying off, with growth in mobile revenue more than making up for an ongoing decline in fixed-line income. So much so, that the money it makes from next-generation technologies has overtaken other sources of income.
Growth in turnover from its mobile business more than offset the anticipated structural decline in fixed-voice business and pressures from Covid-19 last year. Results for the 12 months to 31 March show a big change in revenue mix, with its legacy fixed-voice business now contributing only 15% of total income. And despite a challenging trading environment, it’s delivered strong growth in earnings for the year due to strong demand for mobile services as a result of the pandemic.
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