GROUP Five, the listed construction group, is in business rescue. African News Agency (ANA)
Group Five, the listed construction group in business rescue proceedings, said yesterday that its external auditors, PricewaterhouseCoopers (PwC), had resigned as its auditors with immediate effect.

PwC’s reasons for resigning related to the resignation by a number of non-executive directors of Group Five and the resignation by a number of senior executives and key finance staff members, which had increased their risk of continuing as external auditors of Group Five and its subsidiaries, a statement said.

PwC resigned as auditors for the company for the financial year that started on July 1, 2018.

Group Five's board would start the process of appointing new auditors, the group said.

Towards the end of last month, Group Five announced the resignations of chairperson and non-executive director Nonyameko Mandindi, non-executive director Michael Upton, non-executive director Edward Williams and non-executive director Cora Fernandez.

David Lake and Peter van der Steen were appointed as business rescue practitioners when the group, once one of the biggest construction companies in the country, filed for bankruptcy protection in March this year.

The business rescue practitioners planned to publish a business rescue plan at the end of August, this after the majority of the group's creditors agreed to the delay in the publication of the plan from June 29. 

BUSINESS REPORT