Shareholders in Dawn (Distribution & Warehousing Network), who were already seeing red, have received another shock: a reported irregularity was raised in the company’s latest set of results to end March.Earlier this week the building supplies firm dashed hopes that its turnaround effort was starting to work.It slumped almost R760m into the red after accounting for impairments of R632m.If having its financial statement swathed in red was not bad enough, the company, led by acting CEO and former Hudaco boss Stephen Connelly, also reported eyebrow-raising restatements of its results. The restatements were disclosed only days after FD Dries Ferreira and risk compliance officer Jan Beukes resigned from Dawn’s executive team.Dawn’s founder and CEO Derek Tod, who last year (with Ferreira) paid back a R7m bonus, stepped down in April. COO Collin Bishop, who also received a controversial bonus payment, resigned last year.The first restatement concerns an addendum to a lease agreement on Daw...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.