Tongaat Hulett mulls civil claims against top executives | IOL Business Report

DURBAN – Tongaat Hulett is considering launching civil claims against the senior executives fingered in the PricewaterhouseCoopers report for their role in overstating assets and profits by using “undesirable accounting practices”. The seven-page report named 10 executives for wrongdoing, including former chief executive Peter Staude.

The agriculture and agri-processing company appointed PwC in March to conduct forensic investigation after it said its consolidated financial statements for the year to the end of March 2018 would have to be restated, with an estimated reduction in the amount reflected in the 2018 financial statements as the company’s equity as at April 1, 2018, anticipated to be between R3.5 billion and R4.5bn.

However, Tongaat said the PwC report would not be made public, as it was subject to legal privilege and other confidentiality restrictions. Gavin Hudson, who was appointed as chief executive in February, initiated the investigation by PwC. Hudson was given a mandate to conduct an immediate and comprehensive strategic and financial review with the objective of stabilising the business, addressing the debt levels and setting the path towards acceptable returns for shareholders.

busrep It's called corruption. Let's be brutal nje call a spade a spade. PWC and th executive must answer for all this corruption. Those that bought and traded shares had their money evaporate because they were swindled

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

In City Press Business: Damning report on M1 highway collapse; Zimbabwe lurches from crisis to crisisIn City_Press Business today: A report released into M1 highway bridge collapse has made damning findings, especially against Murray & Roberts Construction; Zimbabwe is on brink of collapse with up to 2 million people in dire need of emergency food aid I am deeply worried by the situation in Zimbabwe.There is nothing left there except three things: 1.Mnangangwa and his gang. 2.Riot police and batons plus guns. 3.Masses facing starvation. Yet another example of what was once good in 🇿🇦 (Murray &Roberts) has gone from the ' good, bad and the ugly' Zimbabweans will eventually overcome their problems. They are physical and mental strong plus Pres. Mugabe made sure they get the best education. The obstacle is that they are facing a formidable opponents USA & ENGLAND who are manipulating weather patterns which cause a draught.
Source: City_Press - 🏆 7. / 72 Read more »