Board chairman bails out of 4Sight ahead of crucial meeting
Another 4Sight director has left the listed company less than 24 hours after the audit chairperson resigned in a huff on Monday.
The latest director to vacate the company is its chairman Dr Rama Sithanen, who was initially scheduled to leave by the end of the year.
In a statement on Tuesday, the company announced that because of the continuous turmoil within the company, Sithanen decided to leave immediately to pursue his ambitions in politics.
“Dr Sithanen will be stepping down due to his intention to re-enter politics in Mauritius. Dr Sithanen had previously advised the board of his intention to resign later in 2019 but the current situation within the group has led him to resign earlier than originally anticipated,” read the statement.
The JSE-listed company said his departure “is regrettable and he has served the board in an ethical, constructive and professional manner, providing sound guidance and wisdom”.
4Sight boardroom drama took a new twist on Monday, when chairman of the audit and risk committee Geoffrey Carter resigned after “false accusations” were circulated in e-mails by executives, making the situation untenable.
This week’s events were preceded by a demand of a board shake-up by a major shareholder in August.
The crucial board meeting is expected to take place this Friday at the company’s offices north of Johannesburg.
In the Monday SENS statement, 4Sight said Carter had resigned due to the untenable situation at a major subsidiary level, “which has led to such subsidiary executives sending a variety of e-mails containing, inter alia, false accusations and also looking to reconstitute the board as separately announced”.
In an unusual move, Carter hits back at his detractors in the same statement, saying in his view it equates to “Trumpism strategy – attack is the best form of defence and rule by division. As for the latest barrage of e-mails, 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.”