Telecom multinational, MTN Group has seen its share price dip, barely a day after its former Chief Financial Officer (CFO), Nazir Patel, announced his resignation amid reports of an internal investigation.

Mr Patel, who was also the executive financial director on the board, revealed yesterday that he was parting company with the South African firm after certain allegations were made against him following an investigation commissioned by the group.

From indications the public hasn’t reacted positively to the news, with the telecom company’s stock falling nearly 3 percent in early trade before recovering some losses to stand at 174.90 rand ($17.8) – a 2.6 percent loss – at 1006 GMT, Reuters reported.

Commenting on MTN’s decision to approve the ex CFO’s departure, head of frontier markets at Renaissance Asset Managers in South Africa, Sven Richter said “The company has obviously discovered something and has taken decisive action.”

He noted that despite the abrupt exit of Mr Patel, the telecom operator was still a well run company with operations in top African markets.

The JSE-listed telecom has been the embroiled in several allegations over since last year.

In May, Turkish rival, Turkcell, withdrew a $4.2 billion lawsuit after MTN denied accusations of bribery, which was believed to have taken the Turkish firm out of the running for a lucrative operating licence in Iran.