Even by the inglorious recent record of the South African corporate sector since the exposure of enormous fraud at Steinhoff in 2017, the destruction of shareholder value at Tongaat Hulett has been spectacular.
While the Financial Sector Conduct Authority cleared the directors of Resilient, Fortress, Nepi Rockcastle and Lighthouse Capital of insider trading, those who have suffered losses, having invested individually or through their pension funds, are yet to be offered anything resembling a satisfactory ending, with probes into potential market manipulation and misleading reporting still ongoing.
As for Tongaat, it seems a long time ago, but it was less than a year ago that an Investec analyst bemoaned the company’s dismal performance under former CEO Peter Staude, who was paid R10m in the year to March 2018, and called on him to step aside. In disclosures that have attracted comparison with Steinhoff, the sugar producer said it had identified “certain practices” that could lead to a restatement of earlier financial information. Last week, it confirmed that it’s likely to review its financial information.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tongaat’s disclosures raise serious questions about auditorsThe details make it difficult to imagine how the company's external auditors will emerge unscathed Deloitte and ouch
Source: BDliveSA - 🏆 12. / 63 Read more »
Losses pile up for Tongaat investorsLoss of value for shareholders since the end of 2018 nears R5bn
Source: BDliveSA - 🏆 12. / 63 Read more »
Editorial: The not-so-secret ballot | Opinion | Editorials | M&GEDITORIAL: A new survey by Afrobarometer, Africa’s leading polling agency, shows that 68% of South Africans are not confident that their vote really is secret, and that they must therefore exercise caution at the ballot box. Fuck have we not advanced beyond this level?
Source: mailandguardian - 🏆 2. / 92 Read more »
Editorial: With no life, there are no voters | Opinion | Editorials | M&GEDITORIAL: None of our political elite deserves our vote. How can we entrust our futures to people who put their next shopping trip ahead of our continued existence? climate change is now a reality..watch the space. And is changing for the worse This performance encapsulated everything you attempt to address in your editorial. Performer: Lauren Sookel MBMS2019 Photo: WarrenNebe
Source: mailandguardian - 🏆 2. / 92 Read more »
The ingenious quick fixes South Africans are coming up with to stop Ford break-insThey’re going as far as gluing 10 cent coins over the lock and even posting tutorials on how to remove the lock pin to prevent access. BISouthAfrica Clever, clever.... BISouthAfrica Just added mine to the link in article...my FordSouthAfrica Fiesta was broken into SandtonCity - security couldnt do nothing about it. BISouthAfrica made in america crap
Source: News24 - 🏆 4. / 80 Read more »
EDITORIAL: Bond market reforms a long time comingNew standards will improve listing requirements
Source: BDliveSA - 🏆 12. / 63 Read more »
Editorial: Happy 25th to our republicEditorial: Let us wish our republic a happy 25th birthday and in the speeches we give at celebrations, let us tell her to learn from the hard lessons gleaned since the dawn of democracy so that, going forward, she can be a resourceful and successful adult
Source: City_Press - 🏆 7. / 72 Read more »
EDITORIAL: Now is the time for Ramaphosa to act on Jiba and MrwebiNational Prosecuting Authority is an organisation that pandered to politicians and was staffed with officials who showed no regard for their duties
Source: BDliveSA - 🏆 12. / 63 Read more »
EDITORIAL: Ramaphosa needs support as he tries to turn tide against graftForces responsible for state capture are gearing up to thwart president’s efforts to excise moral rot
Source: BDliveSA - 🏆 12. / 63 Read more »
OPINIONISTA: Capitalist Party of South Africa: Latest ‘political disaster’ to hit the countryThe new-kid-on-the-block Capitalist Party of South Africa is anything but capitalist if one reads its founding principles carefully. And it’s the last thing South Africa needs, despite the country’s multiple problems. IvoVegter - thoughts?
Source: dailymaverick - 🏆 3. / 84 Read more »
KZN floods: Mchunu asks national government to declare state of disasterKwaZulu-Natal Premier Willies Mchunu revealed on Monday that the cost of damage caused by the recent torrential rains in the province had risen to R1.1 billion.
Source: ewnupdates - 🏆 30. / 53 Read more »