Tongaat reaches R260m settlement with Deloitte, yet again delays rescue plan | Business

Tongaat Hulett's business rescue practitioners said on Thursday that the sugar company had reached a R260 million settlement with former auditors Deloitte, while they also want to delay the release of the business rescue plan by another four months amid a potential equity injection.

Deloitte charged Tongaat Hulett R299 million in fees over 11 years, during which time there were major misstatements in the company's annual finances that eventually led to the collapse of the company's share price.Deloitte itself has said it hasn't seen any evidence itself to support the criminal charges brought against its former partner who audited Tongaat Hulett.

"It is important to note that the publication of a rescue plan is only one step in a business rescue process," the statement read.

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