Frasers has published a letter from its legal advisers and sent by email to Tim Morris, chairman of boohoo group, calling for the suspension of executive vice chair Mahmud Kamani.
The move follows the publication by The Telegraph on August 8 of an article alleging misconduct by Kamani in relation to loans made to boohoo suppliers.
The letter, from legal firm White & Case, sets out the “serious concerns” about Kamani’s conduct. It also says that Frasers, as boohoo’s largest shareholder: “has been dissatisfied and concerned with how boohoo has been run by its management over a considerable period of time”.
The letter, sent by email on 13 August, calls for an immediate, proper and independent investigation into the concerns raised, alleging that the allegations, if true, could mean that a number of criminal offences have been committed by Kamani.
The communication calls for confirmation of receipt of the concerns by 15 August and a meeting between Frasers and Morris to discuss next steps. It also outlines the scope of the investigation it expects, including a forensic review of communications, background check’s into boohoo’s suppliers and interviews with those involved. It also requests the suspension of Kamani and any associates involved pending the outcome of the independent investigation.
Stay informed
Our editor carefully curates two newsletters a week filled with up-to-date news, analysis and research. Click here to subscribe to the FREE newsletter sent straight to your inbox. Why not follow us on LinkedIn to receive the latest updates on our research and analysis?
