‘Fictitious’ loan puts Spar CEO under the spotlight
Brett Botten signed off on the sale of a Midrand store twice in three weeks — first for R1,000 and then for R8m
JSE-listed Spar sold a Midrand store it owned to a retailer twice in three weeks in what is claimed to be an attempt to write off losses and inflate income on the accounts of one of its distribution centres.
According to documents seen by Business Day, the Mega SuperSpar in Midrand was sold for R1,000 before being sold three weeks later to the same buyer for R8m, with the second deal including the store’s Tops liquor outlet...
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