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SA IT company in business rescue – amid ‘Trumpism’ war among execs

Oct 15 2019 10:34

JSE-listed IT group 4Sight – which recently made headlines when a director stepped down amid accusations of 'Trumpism' among executives – announced on Tuesday that the holding company of its South African subsidiaries has been placed into business rescue.

4Sight is headquartered in Mauritius and provides autonomous and artificial intelligence solutions, including machine learning and big data management.

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It said Foursight Holdings, the intermediary investment holding company of some of 4Sight’s South African subsidiaries, is financially distressed after “dividends and management fees” from its SA subsidiaries did not materialise.

Foursight holds stakes in local data analytic companies including Visualitics, Fleek Consulting and Casewise.

Earlier this month, 4Sight director Geoffrey Carter, chair of its audit and risk committee, suddenly resigned, citing "false accusations" in emails allegedly sent by executives.

READJSE-listed company director quits, accuses board of ‘Trumpism’

According to the statement, the accusations were "delusional in content, incorrect in law" and amounted to "'Trumpism strategy' – attack is the best form of defence and rule by division."

Then, 4Sight’s chair Rama Sithanen resigned, in part due to "the current situation within the group”.

4Sight’s share price fell by 5c to 17c on Tuesday morning.

Compiled by Helena Wasserman

 

 

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