Africa’s largest fishing group, Oceana, has appointed the former CFO of Cell C and McDonald’s SA, Zafar Mahomed, as its new financial head, the company, which has recently faced scrutiny over its books, announced on Wednesday.
Mahomed was also appointed as executive director of the board and will replace interim CFO Ralph Buddle, who has been filling in since February 2021.
“He has more than 25 years of finance and business experience across major industries, multinational and listed companies as well as worldwide brands in multiple industries ranging from manufacturing to retail, financial services, real estate and property, food, medical devices, hospitality, mining equipment and FMCG (fast-moving consumer goods),” Oceana said in the announcement.
Oceana’s books came under the spotlight in October 2021 after a whistle-blower set off alarm bells over the accounting treatment of its US subsidiary, which caused Oceana to battle through nearly five months of delays and almost getting delisted from the JSE while a R42m probe by ENSafrica Forensics took place.
From October 2021 to March 2022, the R7.12bn company repeatedly pushed back publication of its 2021 results, lost CEO Imraan Soomra and suspended CFO Hajra Karrim. The company’s secretary also left and external auditor PwC cut ties with the fishing group. Karrim was fired in June after months of suspension.
Though ENSafrica’s probe 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 said on Tuesday that it has reported a much better performance in the second half of its financial year compared to a first half marred by Covid-19-related supply-chain disruptions and civil unrest in KwaZulu-Natal.
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