CAPE TOWN Aug 16 (Reuters) – Cipla Medpro’s
suspension of its chief executive was not based on a major
monetary wrong-doing, the chairman of the South African drug
maker said on Thursday.
Cipla said on Wednesday it has suspended Jerome Smith
pending an investigation into ‘serious allegations’.
It has so far declined to identify the allegations, but
Chairman Sbu Luthuli told a results presentation that the
investigation was not of a major financial nature.
“We can’t disclose the nature and specifics, but I want to
assure everyone that the matter is serious but from a monetary
value if you look at the company, it is not material,” he said.
“I want you to be at ease. You are not going to think that
suddenly there is a 100 million rand missing from the company.”
(Reporting by Wendell Roelf; Writing by David Dolan)
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