- Pembury Lifestyle Group financial director Jaco Labuschagne has resigned.
- This comes after the group's chairperson, Roelof Martin Nel and another director, Roger Pitt, stepped down with immediate effect last week.
- Evidence of compliance shortcomings at the group began to show at the group in 2019.
Pembury Lifestyle Group financial director Jaco Labuschagne has joined a growing list of people who have resigned from the group in recent weeks, according to a statement from the company released on Thursday morning.
This comes after the PLG School owner's chairperson, Roelof Martin Nel, and another board director Roger Pitt, stepped down with immediate effect last week.
Founded in 1999, PLG owns retirement villages and private schools in Gauteng, Limpopo and North West. Evidence of compliance shortcomings began to show at the group in 2019.
"The board will commence the process of identifying suitable candidates to fill the vacancy. Shareholders will be advised once an appointment has been made and updated in this regard before 31 July 2020," the company said on Thursday.
As board members leave one by one, PLG is fighting a liquidation application brought by its former auditors, Moore Stephens Inc. On Thursday, PLG said it is still negotiating the liquidation applications with the group and will make further announcements in due course.
In January, the board suspended its CEO over the governance concerns. But he successfully fought his suspension, and returned in March.