Two months after its bruising loss at the Commission for Conciliation, Mediation, and Arbitration (CCMA), ailing chicken processor Daybreak Farms has been dealt another blow at the same forum by another of its executives.
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Scheme involved senior management, including suspended CEO and acting CFO. 11:50
Daybreak is one of SAâs leading poultry producers, processing 1.4m birds a week. Its owners include the UIF and the GEPF. Image: Shutterstock
A forensic investigation into allegations of misconduct against suspended Daybreak Farms CEO Boas Seruwe has uncovered how he and other senior managers at the company were involved in a network of companies to siphon off millions of rands out of Daybreakâs accounts.
The details of the scheme are contained in a 430-page forensic investigation report titled Fox in a Chicken Coop. The investigation was conducted by business advisory firm Schaefer Schmidt following Seruweâs suspension in February.