Stress takes its toll

The resignation of Telkom chair Nomazizi Mtshotshisa comes after a stroke and a battle with the SA Revenue Service (Sars) over unpaid taxes.

According to sources close to the telecom corporation, Mtshotshisa has been struggling with her health since her stroke earlier this year. Another source says she has had to have a lift installed in her Johannesburg home to improve her mobility.

She surprised the market with her resignation announcement last week. At the time Mtshotshisa was in London, involved in negotiations with Vodafone regarding the joint shareholding of Vodacom. A stock exchange news service announcement said simply that she would be “pursuing her other business interests”. Her contract still had two years to run.

Sources at Telkom say the stroke followed a battle with Sars. Until recently, Mtshotshisa was not registered as a taxpayer. An independent source confirms her tax troubles, saying she still owes Sars an undisclosed amount.

Mtshotshisa remains a board member at Mvelaphanda Resources, where she has accumulated significant wealth as an indirect shareholder. Earlier this year the Khumama Consortium, of which she is a part, sold 3,1m shares in the mining business for R120m. She also holds R12m worth of Telkom shares. From her various directorships she earned at least R1m/year, R723000 from Telkom.

Efforts to contact Mtshotshisa were unsuccessful by the time the FM went to press.

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Stress takes its toll