EOH Holdings shares plummeted on Tuesday after Eskom published allegations that its former chief procurement officer, Jay Pillay, and “other senior officials” in the procurement team were involved in acts of misconduct involving the listed technology group.

The share price plunged as much as 15.7% to a low of R26.35. It was changing hands at R26.85 at 12.05pm, down 14.1% on the session.

However, an EOH spokeswoman has suggested the allegations are not new. It is expected to issue a statement later on Tuesday to provide more clarity to investors. The share has lost 54% of its value in the past 12 months and is down 76.7% over three years.

Eskom on Monday afternoon published a long list (PDF) of “reportable irregularities” related to its interim financial results for the six months ended 30 September 2018. The Pillay/EOH allegation was among them.  — (c) 2019 NewsCentral Media

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