Joshi quits after probe clears him

NEOTEL, the internet provider being acquired by Vodacom Group, said chief executive Sunil Joshi had 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, the company said in a statement yesterday. “The board has found nothing to date that implicates Mr Joshi personally in any bribery or corruption activities,” Neotel said. Joshi had decided to pursue his own interests, the company said. Vodacom said it was talking to Neotel about restructuring a proposed R7 billion takeover of the internet provider. Chief financial officer Steven Whiley resigned last month after also being cleared by the investigation. – Bloomberg