Neotel CFO resigns

30 November 2015 |


Neotel CFO Steve Whiley has quit after being cleared of misconduct following an investigation into alleged bribery and corruption involving a Transnet deal worth 1.8 billion rand ($125 million).

Whiley has been placed on special leave since August 2015 – along with the company's CEO Sunil Joshi – after being accused of making illicit payments of 91 million rand to a letterbox company called Homix to clinch the Transnet deal.

“As a result of the lengthy duration of the investigation, Mr Steven Whiley has decided to pursue his own interests, and will resign from Neotel with effect from November 30,” said Neotel.

“With the information currently at its disposal the board is satisfied that Steven Whiley has at all times acted with integrity,” it added. 

Non-executive director Kennedy Memani has served as custodian of Neotel and will provide interim executive oversight while Joshi remains on leave.