by TINTSWALO BALOYI
JOHANNESBURG, (CAJ News) – TELKOM has maintained its commitment to corporate governance principles, following allegations of possible maladministration regarding the disposals of some firms.
Controversies have been alleged in the disposal of iWayAfrica, Africa Online Mauritius and Multi-Links Telecommunications Limited.
This week the South African government, in a gazette, gave the Special Investigative Unit (SIU) authority to investigate.
The Johannesburg Stock Exchange-listed Telkom has respondent in an announcement to shareholders.
The mobile operator stated with the SIU investigation now pending, it expected to receive further clarity on the scope of the investigation.
“Telkom will deal with the investigation on its merits in the appropriate forum, in the appropriate manner, at the appropriate time,” Telkom stated.
“Telkom follows robust corporate governance principles and has done so in executing the Telkom strategy to consolidate its operations in South Africa.”
According to Telkom the aforementioned matters date back to as far as 2006 and have been repeatedly reported on in respective Telkom reports.
“Matters surrounding the Multi-Links Telecommunications Limited transaction have been reported on previously and certain related issues have been dealt with in various courts with different jurisdictions in South Africa.”
Telkom disposed of Telkom International & Africa Online Mauritius jointly grouped under iWayAfrica.
The US$1 transaction supported the disposal of liabilities amounting to $8 million, the operator stated.
– CAJ News