Zuber and Mohsin Issa: the brothers go into debt – and doubts | Company

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WWhen Mohsin Issa and his CFO responded to a hastily organized investor call nine days ago, they knew they had an explanation. Earlier in the week, the market was routed by news that large accounting firm Deloitte had resigned as an auditor for EG Group, the petrol station empire founded by Mohsin and his brother Zuber, in on the grounds that its governance and internal controls had not kept pace with its breakneck expansion – the latest step of which is the brothers’ daring acquisition of Asda for £ 6.8 billion.

What the 400 or so investors and analysts on the call didn’t know is that Michael Hughes, EG’s CFO, was looking to get out of himself.

Hughes, who passed

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