Neotel CEO Joshi Resigns After Being Cleared in Corruption Probe

Neotel Pty Ltd., the Internet provider being acquired by Vodacom Group Ltd., said Chief Executive Officer Sunil Joshi has resigned with immediate effect after an investigation found nothing to implicate him in corruption.

Joshi was placed on leave after the board investigated transactions with an outside company called Homix Pty Ltd., the Johannesburg-based company said in a statement on Monday.

“The board has found nothing to date that implicates Mr. Joshi personally in any bribery or corruption activities,” Neotel said. Joshi has decided to pursue his own interests, the company said.

Vodacom, the South African unit of Vodafone Group Plc, said it’s talking to Neotel about restructuring a proposed 7 billion-rand ($482 million) takeover of the Internet provider and needs to tell the Competition Tribunal whether the deal will go ahead during Monday.

Chief Financial Officer Steven Whiley resigned last month after also being cleared by the investigation.

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