Neotel caretaker CEO announced

Neotel has announced that Kennedy Memani has been appointed as the “Director in Charge” of the company and will provide interim executive oversight.

This follows the decision to place CEO Sunil Joshi and CFO Steven Whiley on special leave following allegations of bribery at the company.

According to Bloomberg, Memani serves as a principal and director of KREM Investment Holdings, KREM Capital, and Burlington Consultants.

He is also a director of Vuwa Investments, and serves as the chairman of Nexus Connexion and of the Eskom Pension Fund.

Neotel said its board has appointed a sub-committee to continue an investigation into any non-compliance, and to ensure the strengthening of the company’s policies, procedures, internal controls, and governance.

Bribery allegations

The Mail & Guardian recently reported that Neotel’s auditors Deloitte blew the whistle on R100 million in questionable payments to a company called Homix.

The payments are allegedly linked to a bid to clinch R2-billion worth of deals from Transnet.

Deloitte questioned the “commerciality” of the fees, and reported the matter to the Independent Regulatory Board of Auditors, on suspicion that an unlawful act or omission had taken place.

Neotel’s board subsequently commissioned a law firm to conduct its own investigations into the matter.

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Neotel caretaker CEO announced