Spar chair steps down as retailer denies 'dodgy' accounting allegations | Business

Graham O’Connor, former chair and CEO of Spar. Photo: Spar

O’Connor will continue as a non-executive director, while lead independent director Andrew Waller will serve as interim chair until a permanent replacement is found. "Spar wishes to assure shareholders that this was an isolated matter and is neither Spar’s accounting policy nor practice. The report found that the allegations were not corroborated and there was no deliberate or intentional practice on the part of Spar as alleged, the group said."The investigation did, however, highlight some internal business-related practices which needed to be reviewed and subsequent changes have been and continue to be implemented as a matter of priority.

"Each complaint is being dealt with thoroughly in order to ensure the best possible outcome for all parties. Unfortunately, one of the aggrieved retailers chose to withdraw from the process and has regrettably made public disclosures of confidential information concerning the retailers’ positions," it said.

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_Business In a nutshell, they feel they may have a case to answer to.

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