October 6, 2011
A BOARD investigation into Meikles Africa Ltd former CEO Brendan Beaumont’s involvement with the group’s foreign suppliers resulted in the board resolving to sack him, businessdigest has established.
Sources told businessdigest that an investigation sanctioned by the board found that Beaumont was connected to some of the group’s foreign suppliers and did not declare his interest. Retailers rely heavily on imported goods, a situation made worse by low capacity utilisation in the local manufacturing industries.
Meikles FD Onias Makamba would not be drawn into confirming whether the board had instituted an investigation into Beaumont’s involvement with suppliers, insisting he had left to “pursue personal business interests.”
Makamba would also not comment on whether Beaumont had been serving notice, saying “his resignation is with effect from September 30 2011.”
Other sources say an internal auditor unearthed a transaction involving Beaumont’s company and alerted Moxon, prompting a full board investigation.
Sources say Beaumont had been supplying various goods to the group’s retail division — TM Supermarkets.
As a result, Moxon reportedly felt that he had to be seen to be strict when applying the rules of internal disclosure.
But other sources say Beaumont’s position no longer augured well with that of John Moxon, who is now back to his old position of executive chairman, a position that duplicates roles with that of CEO…Read more.