Another corporate scandal has hit Tongaat-Hullets for financial irregularities that affected the company’s share value. On Monday, trading in South Africa’s biggest sugar producer was suspended on the JSE and in London. Tongaat asked that its listings be suspended because of accounting irregularities. Tongaat says an ongoing financial review has revealed that certain past practices do not reflect the company’s business performance accurately. The company’s equity, the value of the business after liabilities, in its 2018 financial results has been overstated by between R3.5 billion to R4.5 billion.
To get an insight into what is happening at this company is Lavan Gopaul, Director at Merchant Afrika.
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