In a highly unusual statement released through the JSE’s news service, executives of IT group 4Sight have been accused of 'Trumpism'.
The company, which is headquartered in Mauritius and listed on the JSE, focuses on autonomous and artificial intelligence solutions, including machine learning and big data.
4Sight on Monday announced the resignation of Geoffrey Carter, chairperson of its audit and risk committee, with immediate effect. According to the SENS statement, Carter had resigned after executives sent emails “containing, inter alia, false accusations”.
The statement quoted Carter’s response to these emails: “The lengthy diatribe … is delusional in content, incorrect in law and in my view equates to 'Trumpism strategy' – attack is the best form of defence and rule by division. As for the latest barrage of emails it is becoming incomprehensible, apparently personal and diabolical.
“As chairperson of the audit and risk committee I am further of the view that my position is being compromised to a point of no return, where serious issues of financial irregularities have occurred, yet no consequences, except an all-out battle of egos and clash of characters.
"I have never experienced such hostility on any board of directors that I have been privileged to serve on – never. I am therefore unwilling to serve and provide my services under these circumstances.”
Carter's statement did not name any individuals or explain what he meant by "financial irregularities".
Veteran investor, Wayne McCurrie of FNB Wealth and Investments tweeted of the statement: "I have not seen something like this before."
JSE 'has been made aware'
4Sight's board said on Monday the JSE has been made aware of the current situation with certain subsidiaries and the challenges facing the board. In August, the company announced that a shareholder was demanding that the board be reconstituted. It also received a takeover bid last month.
In January, meanwhile, its incoming CEO Vincent Raseroka told IT Web that it wanted to embrace BEE so that it could win large public sector contracts. The plan was to get 4Sight SA's 51% shareholding to be "majority-owned by young black females that are competent, that are capable, that have studied this stuff, that will be customer-facing, and that actually understand and operate these businesses," Raseroka said.
The groups shares were down 14% by 14:00.