Digital services company EOH was a market favourite in 2017 but when a corruption scandal hit, the share price plummeted.
EOH is one of Africa’s largest information and communications technology companies.
Current CEO Stephen van Coller had to jump into a lion's den to help restore the company's reputation.
He shares with The Money Show some of his advice on how to prevent corruption.
Rule number one? Codes of ethics are not enough.
This business grew very fast. When it gets big so fast you don't know always what goes on everywhere. People are corrupt, not businesses. But even if you put in the best systems- if you don't have great people they're going to find a way - but at least the systems help you manage it early. If you're listed you have an obligation to make sure the systems are there.— Stephen van Coller, CEO - EOH
In some countries you need a middle man but you need to deal with the middle man properly - it can't be friends and family - there must be proper process. You must make sure they subscribe to your code of ethics. In our case we didn't have that.— Stephen van Coller, CEO - EOH
You expect people to have the same kind of views you have but there are people out there who are out to make money and steal money and they don't feel bad about it. Now I have a checklist of things and if some of them are not there, they'll have to be red-flagged.— Stephen van Coller, CEO - EOH
Listen to the entire sound clip below.
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