An investigation by law firm ENSafrica has found evidence of up to R1.2bn in "suspicious transactions" at JSE-listed ICT group EOH.
ENSafrica recently completed a forensic probe into the firm.
"To date the ENSafrica investigation has found evidence of a number of governance failings and wrongdoing at EOH, including unsubstantiated payments, tender irregularities and other unethical business practices which are primarily limited to the public sector business centralised in EOH Mthombo (Pty) Ltd and to a limited number of EOH employees," EOH said in an update to shareholders on Tuesday.
"Suspicious transactions of R1.2 billion have been identified and are being investigated by ENSafrica. The exact nature of each of these transactions has not as yet been verified and may relate to legitimate transactions, theft or bribery and corruption payments."
The EOH board received a copy of the internal probe in early June.
On Monday three top EOH executives announced their resignations.
* Correction: A previous version of this article stated that the EOH board had made the ENSafrica report public on the group's website. In fact, an interim update based on the forensic probe has been made public,not the full report.