MTN slides on CFO resignation
MTN lost 2.7% in morning trade on the JSE following the announcement, late on Monday, of the resignation of its CFO, Nazir Patel, under a cloud of controversy. Shares in MTN Group declined 2.7% in morning trade on the JSE following the announcement late on Monday (23 July) of the resignation of its chief financial officer, Nazir Patel, under a cloud of controversy. By 10:15am, shares in MTN declined 2.7% or R4.85 to R175.15 on the local bourse, having reached a new record high of R190.76 on 7 July.
“Patel explained to the company that he does not wish his continued employment with the company to prejudice the company in respect of certain allegations made against him, which are subject to an ongoing investigation which had been commissioned by the company,” MTN said in a statement. Brett Goschen has been appointed as Group CFO and executive financial director on the Board.
However, the trader added that MTN continues to be a good investment.... Read the full, comprehensive news article and discuss at BusinessTech