ROB ROSE: Oceana’s fishy tale of woe
Its CEO has quit, its CFO is on ice, and its accounts are weeks late. What more can go wrong for the fishing firm?
It may be one of the 20 largest fishing companies in the world, with a proud history dating back to 1918, but is the Oceana group unravelling? It’s a pertinent question, given the echoes of other disasters, like Steinhoff, in its messy recent travails. "It’s such a mess right now that the only solution I see is for the entire board to resign, and someone with fresh eyes to come in," says Zwelakhe Mnguni, chief investment officer of Benguela Fund Managers.
But first, you might ask, what is Oceana anyway, and why should anyone care?..