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Mr Price cites financial exposure of up to R20m in misconduct probe

Retailer Mr Price [JSE:MRP] announced on Thursday that what it has referred to as "non-compliance" between two senior staffers and a retailer may have resulted in financial exposure of between R10m and R20m.

The JSE-listed retailer is conducting a probe after it announced a week ago it had suspended two members of senior management for "allegations of non-compliance with the Mr Price Code of Conduct" in their dealings with a single supplier.

The retailer has not said who is involved, or what parts of its code may have been breached.

In an update to shareholders on Thursday, the group said that should its probe conclusively find evidence of wrongdoing it would enforce its contractual rights against the supplier.

'The group believes that this is an isolated issue and continues to demand the highest standards of compliance from its associates and partners," it said.

The group's share price was up 3.8% in early trade on Thursday.  

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