Tongaat Hulett’s bitter property: What led to investigation into local sugar giant?

A strained market and weak economy may have driven the sugar producer to inflated income figures and subsequent forensic investigation

The group admitted that its previous income figures may have been inflated by between R3.5 billion and R4.5 billion. Some of the group’s most well-known developments include the luxurious Zimbali Resort on the KwaZulu-Natal north coast, the Mount Edgecombe Country Club Estate, La Lucia Ridge, the Canelands Industrial Park and office parks such as Riverhorse Valley and Millennium Bridge.

In February, the group informed the market that no property sales had taken place since the end of September.The manner in which the development property has been valued and the manner in which property sales were reported in the group’s income figures are some of the issues PwC may be looking at in the forensic investigation currently under way.

The group mostly does the macro development and then sells development packages to other developers for residential, commercial or industrial centres.

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