Another question mark over accounting practices as new investigative report uncovers a second fictitious loan
In another revelation that puts Spar CEO Brett Botten at the centre of questionable accounting practices, an investigative report has uncovered a second fictitious loan that would have painted a misleading picture about the financial health of one of SA’s biggest retailers.
According to the report, Spar — primarily a wholesaler to individually owned stores — sold one of its corporate-owned stores for just under R11m book value to a group of Vaal-based independent merchants, who were advanced a loan by Spar to buy and refurbish the store in 2018...
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