Today's Labour News

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ChoppiesFin24 reports that following a meeting on Monday, the board of grocery retailer Choppies has suspended its CEO Ramachandran Ottapathu with effect from Wednesday, 22 May.  

Choppies did not say why Ottapathu was suspended, but indicated that the suspension was amid the legal and forensic investigations announced by the retailer on 5 March 2019.  The board will take further action based on the recommendations of the investigations.  The legal investigation is anticipated to conclude by the end of May 2019 and the forensic investigation by the end of June 2019.  An interim acting CEO, Farouk Ismail, has been appointed.  Ismail is the current deputy chairperson of the board.  Furthermore, a chief restructuring officer – Redford Capital – has been appointed to review the Choppies business and identify action plans for improvement.  The JSE and the Botswana Stock Exchange have suspended trading of Choppies' shares as the company has yet to publish its financial statements as at 30 June 2018.

  • Read the full original of Lameez Omarjee’s report on this story at Fin24

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