Altron CEO Mteto Nyati JSE-listed technology group Altron said on Friday that it has suspended three executives at its Altron Nexus subsidiary following an investigation that revealed “potential internal irregularities”.
This led to Altron appointing independent investigators to look into alleged procurement irregularities “among a few senior executives within Altron Nexus”, it said.
“The investigation found no evidence of irregularities but made recommendations on procurement process improvements and reporting obligations, which were implemented,” the company said.
This investigation is in line with our zero tolerance to unethical conduct, despite the amounts not being material to Altron’s financial position “In June this year, Altron received a second tip-off from a whistle-blower on similar allegations.
“This investigation is in line with our zero tolerance to unethical conduct, despite the amounts not being material to Altron’s financial position,” Nyati said in a statement.
He said Altron is following due process and the three executives may go through a disciplinary hearing, overseen by an independent chairman.
“While the investigation is ongoing, we would like to assure our customers, partners and employees that plans have been put in place to ensure business continuity at Altron Nexus.”