EOH Holdings on Wednesday announced its Group Chairperson, Asher Bohbot, will step down from the board.

Bohbot previously served as CEO for 19 years.

His resignation comes after Microsoft terminated two contracts with an EOH subsidiary, a move that saw the EOH share price collapse by almost 30%.

The share price fell another 10% on Monday after talks between Chief Executive Stephen van Coller and Microsoft failed.

When you have 11 500 people in 273 legal entities and you’re doing business with the state-captured public sector companies, there’s going to be something… You just have to deal with it, and we are busy dealing with it. I’m absolutely committed to that. There’s no one who is going to get away. If they’re involved, they will be dealt with…

— Stephen van Coller, CEO – EOH Holdings (in an interview with TechCentral)

The company launched new investigations into its past activities, which uncovered some suspicious goings-on.

Van Coller says he was aware of issues of poor governance and possible corruption when he joined the company in September last year.