The Securities Authority has begun an investigation into accounting irregularities in the network Shufersal . The Authority sent a letter to officials in Shufersal’s management, in which it requests information regarding the financial conduct of the network.
■ With Abarkhan as new chairman and CEO: will Shufersal arrive ready to compete with Carrefour?
The irregularities are apparently related to the suspicion that the network transferred funds from the food activity, which is the most profitable for Shufersal, to the non-food activity, mainly to the pharma chain that Shufersal owns – Be.
The Securities Authority requested clarification regarding Shufersal’s non-food activity, i.e. that which does not result from the sale of food and basic consumer products, but rather that which concerns the farm chain owned by Shufersal – Be – as well as Shufersal’s contract with the Newfan company that markets electrical products.
We would like to point out that Shufersal carried out a controlled and independent internal and external investigation to examine the information arising from the letter sent by the Securities Authority.
Recently, a number of senior officials who made allegations of irregularities in the conduct of the chain resigned from Shufersal, and Shufersal will have to show the Securities Authority that there is no justice in these claims.
Shufersal said in response: “Shufersal does not provide details between itself and the Securities Authority, and it reports according to law. The internal and external investigation that Shufersal is conducting has not yet been completed, and its conclusions have not been accepted.”