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Chanticleer Holdings Inc Announces Completion Of Independent Investigation By Audit Committee


Monday, 31 Dec 2012 03:32pm EST 

Chanticleer Holdings Inc announced the completion of the independent investigation by the Company's Audit Committee. As previously announced, the Audit Committee of the Company's Board of Directors initiated an independent investigation following the identification of misconduct by the Company's former South African CFO, Mark Hezlett. The Audit Committee was assisted by independent legal counsel and accounting consultants. The Audit Committee's investigation has now been concluded. In sum, no other individuals associated with the Company were identified as participating in misconduct involving the Company. Further, no other findings of misconduct were identified that have not previously been disclosed. The Audit Committee investigation did result in a number of recommendations designed to enhance the Company's internal controls over financial reporting, which are now in the process of being implemented, such as achieving better segregation of duties. As previously disclosed, during this investigation, it was discovered that the former South African subsidiaries' CFO, Mark Hezlett, misappropriated approximately $128,000 of cash for the period between October 2011 and September 2012. Mr. Hezlett has agreed to return all of the funds to the Company. Approximately $41,000 has been recovered and paid to the Company and payment plans are in place for the remainder. The Company expects to recover most of the funds by 2013 year-end. 

Company Quote

2.34
-0.02 -0.85%
2:01pm EDT