{"id":13568,"date":"2012-08-16T14:51:24","date_gmt":"2012-08-16T12:51:24","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/update-1-s-africas-cipla-silent-on-reason-for-suspending-ceo\/"},"modified":"2012-08-16T14:51:24","modified_gmt":"2012-08-16T12:51:24","slug":"update-1-s-africas-cipla-silent-on-reason-for-suspending-ceo","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africas-cipla-silent-on-reason-for-suspending-ceo\/","title":{"rendered":"UPDATE 1-S.Africa&#8217;s Cipla silent on reason for suspending CEO"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Chairman says matter &#8216;not material&#8217;<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* CEO suspended on Wednesday over &#8216;serious allegations&#8217;<\/p>\n<p><span><\/span><\/p>\n<p>* Shares down more than 5 pct<\/p>\n<p> (Adds details)<\/p>\n<p><span><\/span><\/p>\n<p>CAPE TOWN, Aug 16 (Reuters) &#8211; South African drug maker Cipla<br \/>\nMedpro said on Thursday the suspension of its chief<br \/>\nexecutive was not based on any major financial wrong-doing, even<br \/>\nas nervous investors sent its shares sharply lower.<\/p>\n<p><span><\/span><\/p>\n<p>South Africa&#8217;s third-largest pharmaceutical firm said late<br \/>\non Wednesday it had suspended company founder Jerome Smith<br \/>\npending an investigation into &#8216;serious allegations&#8217;, without<br \/>\nidentifying the charges.<\/p>\n<p><span><\/span><\/p>\n<p>Chairman Sbu Luthuli declined to give details at the<br \/>\ncompany&#8217;s earnings presentation in Cape Town on Thursday.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We can&#8217;t disclose the nature and specifics, but I want to<br \/>\nassure everyone that the matter is serious. But from a monetary<br \/>\nvalue, if you look at the company, it is not material,&#8221; he said.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;I want you to be at ease. You are not going to think that<br \/>\nsuddenly there is 100 million rand ($12 million) missing from<br \/>\nthe company.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>Investors nonetheless sent shares of the $450 million drug<br \/>\nmaker sharply lower. The shares were down 5.8 percent at 7.80<br \/>\nrand at 1019 GMT, after earlier falling more than 10 percent.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Chairman says matter &#8216;not material&#8217; * CEO suspended on Wednesday over &#8216;serious allegations&#8217; * Shares down more than 5 pct (Adds details) CAPE TOWN, Aug 16 (Reuters) &#8211; South African drug maker Cipla Medpro said on Thursday the suspension of its chief executive was not based on any major financial wrong-doing, even as nervous [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-13568","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=13568"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13568\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}