Wednesday, April 24, 2024

Choppies AGM on halt as forensic audit report also gets delayed


The much awaited forensic audit report by Ernst & Young Botswana on retailer – Choppies Enterprises has led to the delay to confirm the company Annual General Meeting (AGM).

The forensic audit report was expected to be released in July 2019 but has not met the deadline just like the company’s financial statements.

Those close to the company said this week that amongst other things the agenda of the AGM entails the discussion on the future of the suspended Chief Executive – Ramachandran Ottapathu. The Choppies board is expected to lead the shareholders in delivering the verdict of Ram who has been on suspension for some time now. Other agenda items will include the pending audited financials. The multinational retailer continues to be under pressure following numerous reports of negative publicity and subsequent failure to release financial results within the stipulated time. As a result of its failure to publish the financials on time, Choppies was suspended from both the Botswana Stock Exchange Limited (BSEL) and the JSE.

Meanwhile the Choppies shareholder will also approve or block the re-elections of some of the board members due for exit through rotation. By the time of going to press, it was not yet It clear who, amongst the directors will be retiring in accordance with the company constitution and also who offered themselves for re-election to the board. Currently the board of directors of Choppies consists of Former President Festus Mogae, prominent business woman Dorcas Ana Kgosiitsile, Wilfred Mpai, Ronald Tamale, Farouk Ismail as well as Heinrich Stander together with the suspended CEO.


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