Following allegations of serious armed assault against Adapt IT Chief Executive Officer, Sbu Shabalala, shares in the JSE listed company has dropped by about 13% on Monday 10 May.
The Sunday Times reported that serious allegations of armed assault have been made against Shabalala by his estranged wife, Neo. According to the report, Shabalala is accused of ordering armed men to attack Neo’s partner, who has been hospitalised and is in critical condition.
Shabalala released a statement on Tuesday 11 May in which he condemns the allegations made against him. In his statement, he said he wishes to clarify his decision to take leave in context to the allegations made. The statement reads:
“I would like to clarify my leave in context to the allegations made.
“I have decided to take extended leave.
“The last five months have been some of the most difficult of my life. After more than 15 years of the relentless work of building a JSE-listed entity, I need a little respite. Time for rest and self-care while I deal with personal battles.
“I’ve had family tragedies, at a time when the business is going through its most important business lifecycle.
“In the midst of this, I am now being accused of violent and uncharacteristic behaviour, in what is clearly an unrelated attack. I have been caught in the crossfire.
“This has taken a toll on my well being. My instinct is to soldier on. However, those closest to me, who care for me, have advised that I take time out for self and family care. I listened. Hence my decision to take leave.
“My trust in the competence and excellence of our management team made the decision somewhat easier.
“The allegations against me are without merit. The best way to deal with them is through the judicial system. This is not only to clear my name of wrongdoing but to also bring those who are using my proximity to the situation to serve their own ends. This campaign is cold-hearted and must be condemned.
“Taking time to regroup is an essential part of good leadership and there is never a perfect time.
“I hope this clarifies my position as I will not be engaging these issues until I have resolved the dispute.
“Please respect both my personal and family’s privacy as we take much needed time out.”
Adapt IT has confirmed that Tiffany Dunsdon will assume the role of interim CEO while Tony Vicente has been appointed as an Executive Director.