Australian South Sea pearls producer Arafura Pearls Holdings has undergone some major changes to its board and senior management, most recently following investigations into irregularities with the company’s accounts.
Francis Lung, who was appointed to the board as a non-executive director in December, was promoted to chairman last week.
Jonathan Warrand has also been appointed as a non-executive director, following the resignations of Jeffrey Mews and previous chairman James Taylor in early February.
Another director, Mark Ceglinski, resigned at the end of last year. Chief executive officer and executive director Andrew Hewitt is the only board member whose position has remained unchanged.
In addition, there have been some changes at the senior management level, with the appointment of David Jackson as chief operating officer and the resignation of chief financial officer and company secretary Annabelle Bechta.
Mr Jackson was previously general manager of Arafura’s farm operations and is the former chairman of the Pearl Producers Association.
The flurry of changes at Arafura has occurred following investigations into potential irregularities regarding the company’s most recent half-year report. Preliminary investigations have identified accounting irregularities with regard to treatment of Arafura’s pearl inventory as well as treatment of the rights issue subscription amounts received for shortfall shares.
The company is currently seeking to address all outstanding accounting issues.
Arafura has been developing its pearl hatchery and farming operation since 1998, in the pristine environment around the English Company Islands, north-east Arnhem Land, Northern Territory, with its first pearl harvest in 2001.
Staff reporters