Mr Price suspends two senior managers amid misconduct allegations

Mr Price [JSE:MRP] has announced the precautionary suspensions of two senior management members pending an internal investigation into their involvement with a supplier.

The announcement came through the SENS wire service on Thursday afternoon.

None of the allegations the employees were suspended for had to do with financial reporting irregularities, according to Mr Price.

"In accordance with the Company’s standard disciplinary processes, these employees have been placed on precautionary suspension while an internal investigation is underway to ensure this matter is fairly and expediently resolved," the SENS announcement said.

In the SENS announcement, Mr Price board chair Nigel Payne said: "The Group takes compliance with its code of conduct very seriously and considers this integral to its values".

The SENS announcement gave no further details on the precautionary suspensions. At 15:07 on Thursday, Mr Price shares were trading at R169.99, down 0.30%.