Mon, 17 Jun 2019

Choppies CEO suspended amid investigation

News24
22 May 2019, 00:43 GMT+10

The board of grocery retailer Choppies has suspended its CEO Ramachandran Ottapathu.

According to a shareholder notice issued by the retailer on Tuesday afternoon, this decision comes following a board meeting on Monday May 20, 2019.

"The board of directors of Choppies hereby informs the Choppies shareholders and the general public that, at a duly convened meeting of the Board held on 20 May 2019, the Board resolved to suspend from duty the Chief Executive Officer of the Company, Mr Ramachandran Ottapathu."

Ottapathu's suspension takes effect from Wednesday, May 22. Choppies did not say why Ottapathu was suspended but indicated that the suspension is amid legal and forensic investigations announced by the retailer on March 5, 2019. The board will take further action based on the recommendations of the investigation.

"The legal investigation is anticipated to conclude by the end of May 2019 - having extended from the end of April 2019. The forensic investigation is anticipated to conclude by the end of June 2019."

An interim acting CEO Farouk Ismail has been appointed. Ismail is the current deputy chairperson of the board.

Sign up for Taiwan's News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!