Technology firm Adapt IT said its long-serving CEO Sbu Shabalala will take a leave of absence for three months to “attend to personal matters”. This comes in the wake of media reports at the weekend that he allegedly hired thugs to beat up the partner of his estranged wife.
Adapt IT didn’t specify the “personal matters” that Shabalala had to tend to when the company made his temporary departure known on Monday 10 May in a JSE stock news announcement.
However, the
Sunday Times reported at the weekend that Shabalala allegedly hired armed thugs to threaten the partner of his estranged wife, Neo Shabalala. Neo’s partner, according to the newspaper, is suspended eThekwini city manager, Sipho Nzuza, who is in critical condition at a Durban hospital.
Adapt IT CEO implicated in attack on estranged wife s partner
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Adapt IT CEO stands accused over violent attack in Durban home
Adapt IT CEO Sbu Shabalala
Adapt IT CEO Sbu Shabalala has been accused of hiring armed thugs to beat up his estranged wife Neo’s partner, suspended eThekwini city manager Sipho Nzuza, according to a report published on Sunday.
The Sunday Times reported (paywall) that Nzuza, who was suspended over alleged corruption in the Durban metro, was allegedly beaten up at the upmarket Zimbali residential estate near Ballito last Saturday and had to undergo emergency surgery.
The attack was reportedly so serious that Nzuza had to have his spleen and part of a kidney removed; he remains in intensive care in a Durban hospital, according to the report.
Supplied
Adapt IT shareholders will have to wait a little longer for Volaris Group’s acquisition offer circular, after the Takeover Regulation Panel granted the company an extension to evaluate the offer.
The local technology company has captured the interest of Canada’s Volaris, which announced its intention to procure 100% of the company on a R6.50 per share cash offer. Volaris’ offer came after one made by South African telecoms company, Huge Group, which is offering shareholders a share swap based on a reference price of R6.13 and an implied price of R5.52 per Adapt IT share.
In a statement on Friday, Adapt IT said it had appointed an independent board expert to provide an opinion on both the Volaris and Huge group offers. However, the expert is still in the process of finalising their opinion, which means Adapt IT’s independent board opinion will also be delayed.
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