JOHANNESBURG - The boardroom battle of Botswana-born and JSE-listed supermarket chain, Choppies Enterprises, is heading for resolution by shareholders at an extraordinary general meeting (EGM) in Gaborone early next month on 4 September.
Choppies shares have been suspended on both bourses since 1 November 2018 on account of the company’s auditors PwC’s inability to finalise the 2018 financial statements due to certain irregularities.
Earlier in the year, Choppies founder and chief executive, Ramachandran Ottapathu made some suggestions to the non-executive directors as to changes to the board and structural changes to the company.
Thereafter on 22 May, the non-executive directors, including former Botswana President Festus Mogae, suspended Ottapathu "as a result of an aggregation of activities and conduct by him".
The non-executive directors initiated legal and forensic reports which have now been finalised and summaries of these reports were circulated to shareholders via X-News (Botswana) and SENS (JSE) announcements on Wednesday this week.