Choppies enters choppy waters after volatile EGM :: Mmegi Online

Choppies' newly elected four-member board is reportedly facing a baptism of fire, with reports of deep unease amongst institutional investors, lenders and even the auditing firm whose queries uncovered the troubles. Staff Writer, MBONGENI MGUNI reports

By Thursday evening, the market was agog with speculation and rumours. The auditors, PricewaterhouseCoopers resigned, the banks are calling in loans, the chief financial officer quit. All the reports difficult to verify, but even if totally untrue, are symptomatic of the nervousness that has gripped sections of the market following the explosive, marathon extraordinary general meeting (EGM) on Wednesday.

Suspended CEO, Ramachandran Ottapathu romped to victory in the EGM securing a near-‘dream board’ for himself, comprising close ally, Farouk Ismail and two of his chosen nominees.

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