'Spur will cooperate fully with FSB investigation'
01 Feb 2016 | Admin Author
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Johannesburg, Dec 2 (I-Net Bridge) - Spur Corporation (SUR) said on Friday that its directors would cooperate fully with any investigation which the Financial Services Board (FSB) or any other regulatory authority intends to launch into its affairs.
Founder and managing director of John Dory's, Stamatis Kapsimalis, is taking court action against Spur's managing director, Pierre van Tonder, and financial manager, Ronel van Dijk. Kapsimalis is seeking more than R4 million in damages.
Spur, which owns 65% of John Dory's said the civil litigation and arbitration proceedings currently underway would canvass and determine the issues forming the subject of Kapsimalis' complaints to the Financial Services Board which he has chosen to ventilate in the media.
"It is unfortunate that Mr Kapsimalis has chosen to use the forum of the media to further his interests," the company said, adding that it would not litigate with Kapsimalis in the media and would deal with his allegations in the appropriate fora.
According to the Business Report, Kapsimalis' first complaint was that a series of rentals were allegedly subsidised by the John Dory's franchise to benefit a restaurant owned by Van Tonder and Dean Hyde, a non-executive director at Spur.
"The second [complaint] arises from rebates earned by and due to John Dory's, allegedly concealed and retained by Spur over seven years," the newspaper said.
