Down to the wire at Choppies, as cash crisis builds

Shoppers at Choppies.
Shoppers at Choppies.

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.

Editor's Comment
CAF is a joke, but...

We are told of massive spin-offs for hosting countries, which we assume was the catalyst behind putting in the bid.We are not too sure if it is a one-size fits all, where any hosting nation reaps the benefits or it’s on a case-by-case basis.There are arguments from both ends, with hosting a sure way to accelerate infrastructure development and a guaranteed cash flow during the 30-days of the tournament.There is a bump in employment creation...

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