Telkom South Africa is set to face scrutiny from the country’s independent Special Investigating Unit (SIU) over “allegations of corruption and maladministration.”
President Cyril Ramaphosa has signed off on the investigation into Telkom’s sale Multi-Links Telecommunications in 2011 and its divestment of iWayAfrica and Africa Online Mauritius in 2013, although the scope could broaden. The SIU is authorised to “recover any financial losses” for the South African government, which holds a stake of almost 40% in Telkom SA.
Telkom stated that it has provided details on the transactions in question, saying: ““Telkom follows robust corporate governance principles and has done so in executing the Telkom strategy to consolidate its operations in South Africa. 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.”