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.

_Business sansithole

_Business July rioters , remember !!! Skip SPAR again and you are all moffie riots in vasseline with cosatu !

_Business Mxm. Who are you fooling? Moving from a lounge chair to Dining chair is not an exit.

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

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: More retail players accuse Spar of bullying tacticsA complaint to the Competition Commission by OBC Better Butchery, accusing Spar of enforcing exclusivity clauses in some malls, has led to other retailers stepping forward with similar complaints. Receiving profits of R23k in just a week of investing R2000 with chrismoore1f8 is something that worth recommendation. I'm overwhelmed by his kindness. Invest with chrismoore1f8
Source: dailymaverick - 🏆 3. / 84 Read more »

Business shows support for Eskom leadership amid load shedding crisis | BusinessBusiness and SA’s energy sector have emphasised their support for Eskom’s current leadership, who have come under fire for the latest prolonged bout of load shedding, especially from Mineral Resources and Energy Minister Gwede Mantashe. | News24_Business _Business White Business and White SA’s energy sector have emphasised their support for Eskom’s current leadership, who have come under fire for the latest prolonged bout of load shedding, especially from Mineral Resources and Energy Minister Gwede Mantashe. | _Business _Business Is nice being white indeed _Business Surely it is not a crises coal and electricity is causing global warming and CR is being paid big USD to 'transform' our grid.
Source: News24 - 🏆 4. / 80 Read more »

BREAKING NEWS: Spar chair Graham O’Connor vacates role amid allegations facing the companyO'Connor's independence was called into question due to his family’s extensive business interests with Spar and as he was a previous CEO of the group
Source: BDliveSA - 🏆 12. / 63 Read more »