Down to the wire at Choppies, as cash crisis builds :: Mmegi Online

On September 4, suspended CEO and major shareholder, Ramachandran Ottapathu faces off against Choppies’ non-executive directors in a secret ballot that will decide the retail giant’s future. The shareholders, whose votes are much-sought after currency in the fight, are under added pressure as the regional grocer is apparently suffering from ‘serious cash flow’ issues. Staff Writers, MBONGENI MGUNI and MPHO MOKWAPE report

Apart from a handful of insiders, no one has details on Choppies’ financial situation. The pan-African grocer’s books have been unopened for scrutiny since last year when the group posted its results for the half year ended December 2017.

Since that day, July 13, 2018, the group’s shareholders have been in the dark on the value of their investments, as Choppies has repeatedly failed to produce audited results.

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