Tongaat Hulett institutes claims against former executives
Tongaat said at the time that the suspension was a temporary measure until the completion of a forensic investigation into the financial irregularities in the company. Earlier in 2019, law firm Bowmans roped in auditing group PwC to conduct the forensic review to uncover whether the misleading financial information was deliberate.by between R3.5-billion and R4.5-billion. After the restatement of the statements, Tongaat’s equity reduced by almost R11.9-billion.
Tongaat CEO Gavin Hudson told shareholders at the company’s annual general meeting that management was taking steps to improve performance.Tongaat Hulett's profit helped by higher prices“We are in line to meet our stated objectives in terms of cash flow improvements. We have also been working hard to improve our overall processes, our reporting and governance. We have made a lot of progress but it would be naive to think we are done. There is a lot of work still outstanding,” he said.
He said the company, which intends to take action against executives implicated in the financial irregularities, had seen strong cash flow in the sugar business.
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