Choppies on knife-edge as damning report looms

The flames at Choppies keep raging on
The flames at Choppies keep raging on

Skeletons are tumbling out of Choppies’ closet ahead of the completion at month-end of a forensic probe into the group, with multiple sources claiming the findings will rock the regional grocer to its core.

Sources privy to the ongoing probe claim that investigators are battling to untangle a complex web of ownerships and overlapping historical transactions involving senior executives that could have prejudiced the group and shareholders.

Choppies has been in crisis since last September when the Botswana and Johannesburg stock exchanges halted trading of its shares and requested clarification on the reasons for a delay in results for the year ended June 30, 2018.

Editor's Comment
Get back what was stolen, and lock the door

That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...

Have a Story? Send Us a tip
arrow up