(Alliance News) - Bytes Technology Group PLC on Thursday said its internal investigation had found no evidence of misconduct in share dealing by its former chief executive officer Neil Murphy.
The Surrey, England-based technology group Murphy resigned abruptly late in February after disclosing to the company's board a number of undisclosed trades in company shares.
The group said it had completed the investigation that was overseen by a committee of the board, with advice from PwC and Travers Smith.
"In summary, the investigation has found no evidence that Mr Murphy's share dealing involved any other parties, nor any evidence of a wider pattern of misconduct by Mr Murphy impacting or implicating any of BTG's staff, customers or suppliers," the group said.
The "conclusions" from the investigation have been reviewed by the board, it said.
"Mr Murphy has expressed profound regret for his failure to comply with regulations and the impact of his actions on both BTG and his former colleagues," the group said.
Bytes said it had reached a settlement with Murphy whereby he has agreed to forfeit his entitlements under its performance share plan and deferred donus plan in their entirety, and repay
his after-tax bonuses since the initial public offering on the London Stock Exchange in December 2020.
On Friday last week, Bytes made Sam Mudd a permanent chief executive officer. Mudd has been serving as interim CEO since February.
Shares in Bytes were up 0.8% to 529.00 pence each on Thursday afternoon in London. In Johannesburg, they were flat at ZAR123.00.
By Artwell Dlamini, Alliance News reporter
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