Business Maverick: Spar’s incoming chairperson to take on executive role as part of crisis management strategy

A written loan agreement was entered into “between a willing lender and borrower through a commercial bank, at normal interest rates”. However, the board conceded that the loan did not seem to have served any real commercial or economic purpose and should not have taken place. The board has confirmed that an extensive review of all loans arranged by Spar for retailers identified two other transactions of a similar nature, with the combined value of all three loans standing at R11-million.

Bosman is no stranger to the boardroom and is currently also non-executive chairman at Spur and the wine company Vinimark Holdings. He is a non-executive director at AVI, EOH and MTN. Bosman’s LinkedIn profile states that in his spare time he is also a professional helicopter and jet pilot. Hopefully, he can fly Spar out of the turbulent air space to a safe landing.

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'Moving in the right direction' - how Spar's new chairperson plans to put out fires | BusinessSpar's board will investigate changing the way it shares financial information of stores with prospective buyers 'as a matter of urgency', its newly appointed chairperson has said. | News24_Business JanTamb
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