The Daybrook Fisheries Deal. How Oceana Group Played its Hand to Win the US Conglomerate

The news today that JSE-listed Oceana Group Limited has suspended its Chief Financial Officer, Hajra Karrim, “on a precautionary basis” was a reminder of the June 2015 interview with Oceana’s then CEO, Francois Kuttel, prior to the finalisation of the Daybrook deal. At the time concern was raised about a massive conflict of interest and possible corruption but this was dismissed. Although Oceana Group has denied any fraud or financial impropriety, Karrim who has been in the job since November 2020, has been put on suspension pending the final report from the investigation into the accounting treatment of its US business. In particular the terms and conditions related to the transaction. This is the background to this story…