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More woes for Group Five as auditor resigns

Jul 03 2019 15:34
Lameez Omarjee and Sibongile Khumalo, Fin24

Group Five's external auditor PwC has resigned from the construction company with immediate effect.  

Group Five on Wednesday issued a notice alerting shareholders of the auditor's decision.

The group has been in business rescue since March, and trading of its shares has since been suspended. PwC's resignation follows resignations by a number of executives and non-executives at the construction firm.

"PwC’s reasons for resigning relate to the resignation by a number of non-executive directors of Group Five, and the resignation by a number of senior executives and key finance staff members, which has increased their risk of continuing as external auditors of Group Five and its subsidiaries," the notice read.

"PwC resigned as auditors for the company for the financial year that commenced on 1 July 2018."

Group Five's board will start a process to appoint new auditors.

Fin24 previously reported that Group Five is seeking majority consent from its creditors to extend the publication date of its business rescue plan to August 30, 2019. It had previously requested an extension of the deadline to June. In a June statement the group assured its business rescue plan is on track.

The group said has also entered into more binding agreements for the disposal of its operations - which would generate R1bn.

group five  |  construction  |  business rescue
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