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Oceana has fired its chief financial officer after she was found guilty of gross misconduct as part of a disciplinary process.The disciplinary process was chaired by a retired judge of the Supreme Court of Appeal, Oceana said. for the year to end-September 2021 several times due to two accounting issues. The JSE previously warned that the company's listing would be suspended if it didn't submit its annual report.
The accounting issues relate to the treatment of the group's 25% shareholding in US-based Westbank Fishing and the dating of signatures on an internal document relating to a $4-million insurance claim that was paid out to Oceana. A forensic investigation by ENSafrica found no evidence of"fraud, misappropriation or loss of funds or management of override of controls arising from any of the matters raised".
Ralph Buddle will continue to serve as Interim Group Financial Officer until a new appointment is made. shortly after Karrim's suspension. A new CEO, Neville Brink, was appointed this week. Oceana owns canned fish brand Lucky Star and also has a presence in other global markets where it sells fishmeal, fish oil and fish. It further owns a logistics company specialising in cold storage and transport of fish and other food products.
Fin24 Ok, what's that gonna do for the planned increase in price?
Fin24 A fishy story indeed! I wonder about PwC...