Ongoing strategic and financial review revealed certain practices might require remedial action, shareholders informed in stock exchange news service statement
Tongaat Hulett has issued a preservation order to its staff instructing them that they are required to provide their full co-operation to PwC. Picture: SUPPLIED
By the close of business on Friday Tongaat’s share price had plunged more than a third to a record low of R22. Chris Logan of Opportune Investments, a former long-term investor in Tongaat, said at the weekend that the R1bn trading loss was only part of the problem facing the once profitable sugar group."The group has been using land sales, which it controversially took through the income statement, to prop up profits for several years.
In an e-mail response to Business Day, Deloitte said it was too early to determine whether the impact relates to previous years or are developments that need to be taken into consideration in the audit of the current year’s accounts.
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