Retailer CNA battles to avoid business rescue
Creditors remain in the dark as CNA battles to avoid business rescue. Reports emerged last week that the stationery retailer is in financial trouble and that the relationship between the board and CEO has soured.
The board is accusing CEO Benjamin Trisk of engaging business rescue practitioners without its consent, according to Business Day. The board is of the view that Trisk acted “unilaterally”. However, Trisk told the paper that, as a director, he had to look after the “welfare of the company, its staff and its creditors”.
He claims that the board discussed business rescue at the end of March.
Exclusive Books
CNA s board is accusing its CEO of unilaterally consulting with business rescue practitioners
Benjamin Trisk, who faced financial misconduct allegations during his time at Exclusive Books, denied this, saying it was discussed by the board.
CNA has fallen behind on payments to its landlords and suppliers.
Meanwhile, its biggest shareholder sold its stake to management this week.
After only a year under new ownership, stationery retailer CNA is facing a financial crisis, with its board threatening legal action against its controversial CEO.
The board is accusing Benjamin Trisk of attempting to put the company in business rescue without consulting them.
Exclusive Books taking advice on possible legal action against former CEO
8 April 2021 7:48 PM
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Benjamin Trisk left Exclusive Books under a cloud of allegations in 2018. The Money Show interviews current CEO Grattan Kirk.
Exclusive Books is considering legal action against former CEO Benjamin Trisk.
He left the company after the board suspended him in February 2018.
News24 reports that Trisk departed before a disciplinary hearing relating to alleged financial misconduct and abuse of the company credit card. We chatted to Benjamin Trisk today says Bruce Whitfield, but he said it s absolute rubbish and he s not interested in talking to us about it .