Tongaat hulett
Tongaat accounting scandal: Questions raised over role of management
The company released a summary of an investigation by auditing firm PwC, which showed executives inappropriately capitalised assets, among other irregularities,...
A PwC report identified major historical shortfalls in governance practices, delegation of authority, decision-making, oversight, financial discipline, record keeping, systems usage and financial reporting.
This comes after the 127-year old sugar company suspended the trading of its shares on the JSE and London Stock Exchange on Monday.
Last month Tongaat Hulett also delayed the release of its 2019 financial results, for the year ended March 2019, to October from May.
Close to 5,000 workers in the sugar industry are expected to report for work tomorrow.
Monday marked the third straight session of gains for the Johannesburg Stock Exchange.