Africa’s largest fishing group Oceana, which has recently suffered multiple delays to its results and an exodus of leadership, says it has extended the tenure of interim CFO Ralph Buddle until the end of January 2023 as it continues to hunt for a replacement.
Buddle has been acting in the position since February 23 2021, with Oceana saying in a statement on Wednesday that a comprehensive search and recruitment process remained under way.
CFO Hajra Karrim was fired in June after months of suspension, and any permanent replacement will join a group that has recently seen a high degree of scrutiny over the state of its books.
From October 2021 to March 2022, Oceana repeatedly pushed back publication of its 2021 results, lost CEO Imraan Soomra and put finance head Karrim on precautionary suspension pending the outcome of an investigation. The company’s secretary also left shortly afterwards, while external auditor PwC opted to cut ties.
A whistle-blower set off alarm bells in October over the accounting treatment of its US subsidiary, which saw Oceana battle through nearly five months of delays and almost get delisted from the JSE while a R42m probe by ENSafrica Forensics took place.
Though investigators found no evidence of fraud or misconduct, relations with PwC were seemingly strained over the accounting treatment of the group’s 25% shareholding in New Orleans-based company Westbank Fishing, which supplies its catch to Oceana’s wholly owned Daybrook.
Oceana’s shares were up 0.46% to R54.26 in early trade on Wednesday, having fallen 2.3% so far in 2022, and 18% on one-year basis.
With Michelle Gumede
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