Wednesday , June 29 2022

Chief Executives were prevented from investigating



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The board of food retailer, Choppies, has suspended its CEO Ramachandran Ottapathu.

According to a shareholder notice issued by the retailer on Tuesday afternoon, this decision follows a board meeting on Monday 20 May, 2019.

"The board of directors of Choppies hereby informs the Choppies shareholders and the public that the Board, at an appropriate meeting of the Board held on 20 May 2019, has decided to suspend the Company's Chief Executive, Mr Ramachandran Ottapathu. "

The Ottapathu suspension takes effect from Wednesday, 22 May. the investigation.

"The legal inquiry is due to end by the end of May 2019 – after extending from the end of April 2019. The forensic investigation is due to end by the end of June 2019."

An interim CEO was appointed, Farouk Ismail. Ismail is the current deputy chairman of the board.

Further, restructuring chief officer – Redford Capital –
appointed. "Redford is a company based in South Africa with over 25 years of age
years experience of providing business related services including assisting
its clients to resolve challenges and meet strategic and operational objectives, "
the notice reads. As chief restructuring officer, Redford will review the
Businesses choosing and selecting action plans to improve the business, the notification
reading.

The JSE and Botswana Stock Exchange have delayed the
Choppies share trading as the company has not yet announced its financial funding
statements for June 30, 2018. The retailer confirmed that the shares were still being suspended.
until the results were published.

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