Two senior executives at Botswana supermarket chain Choppies Enterprises limited are suing former auditors PwC for $40 million for not signing off on the company’s 2018 accounts, which led to a share price collapse.
Choppies Chief Executive Officer Ramachandran Ottapathu and Executive Director Ismail Farouk allege that PwC didn’t complete the audit in part to pressure the company to hire PwC director Rudi Binedell as head of finance, according to a statement issued on behalf of the directors. The duo filed the lawsuit at the High Court in Gaborone, Botswana’s capital.Choppies said in September 2018 that it was working with PwC to assess a number of past accounting practices, including around previous acquisitions, that needed independent verification and legal analysis.
That would delay the release of earnings.PwC has confirmed that it is currently involved in legal proceedings with two directors of it’s former client, Choppies Enterprises, which action is defended by PwC.” Meanwhile, Gaborone-based director Binedell said in an emailed response to questions. “Out of respect for the court’s process we do not believe it appropriate to comment publicly.”
Copyright: News Central TV
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.