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3 Altron Nexus execs placed under precautionary suspension

This follows an investigation that has revealed potential internal irregularities.

Altron Logo

JOHANNESBURG - Three senior executives of Altron Nexus, a subsidiary of JSE-listed technology company Altron, have been placed on precautionary suspension.

This follows an investigation that has revealed potential internal irregularities.

In a statement released on Friday, the company said it received information from whistle-blowers and investigated.

The preliminary findings revealed potential deviations from procurement processes, involving an estimated R23 million and early profit recognition of about R20 million in the 2018 financial year.

“We view these allegations in a serious light. Accordingly, this investigation is in line with our zero-tolerance to unethical conduct, despite the amounts not being material to Altron’s financial position. Over the past three years, we have been steadfast in building a culture of good governance driven by our values of openness, honesty and integrity. Our employees are now able to come forward with any claims of misconduct without any fear of retaliation,” said Altron Group CE Mteto Nyati.

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