Explosive EGM To Decide Choppies Future

On Friday, suspended CEO, Ramachandran Ottapathu, lost a High Court case to have the EGM held earlier. Ottapathu, popularly known as Ram, has secured support from just above 51% of investors for an early EGM, whose agenda involves dissolving the current board. The Festus Mogae-led board suspended Ram in May citing allegations of gross misconduct, with a report on the forensic probe due to be released by next week.

The board says Ram brought the High Court case in order to remove the board before the forensic report is released. The suspended CEO says shareholders have been kept in the dark for too long and the group’s affairs need to be discussed and decided on quickly.