The Money Show with Bruce Whitfield

Tongaat Hulett may have pulled a Steinhoff on its shareholders

pexels.com, 2019

Profits were misstated… They haven’t said it was deliberate… We are in many ways [sitting on another Steinhoff] … There’s going to be huge write-downs…

Chris Logan, fund manager - Opportune Investments

Tongaat Hulett warned shareholders on Friday that it has to restate its financial statement for the year ending on 31 March 2018 after it found “past practices, which are of significant concern”.

The sugar producer cautioned that it would probably have to reduce equity on its balance sheet by about a third (anything between R3.5 billion to R4.5 billion).

The Money Show’s Bruce Whitfield interviewed Chris Logan, a fund manager at Opportune Investments.

Listen to the interview in the audio below (and scroll down for more quotes from it).

…Land sales bolstered numbers…

Chris Logan, fund manager - Opportune Investments

Their profits collapsed…

Chris Logan, fund manager - Opportune Investments

As we got deeper and deeper into the review the news has become more and more alarming and the share price has collapsed.

Chris Logan, fund manager - Opportune Investments

Standards have fallen off a cliff…

Chris Logan, fund manager - Opportune Investments

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Ram Harisunker (Director) worked at Shoprite for 50 years. He started as a clerk

Ram Harisunker (Director) worked at Shoprite for 50 years. He started as a clerk

The Money Show’s Bruce Whitfield interviews Harisunker, probably Shoprite’s longest-serving employee.

Only a 'special kind of person' would want to lead SAA and Eskom

Only a 'special kind of person' would want to lead SAA and Eskom

Andrew Woodburn (MD, Amrop Woodburn Mann) discusses the loss of Eskom and SAA’s CEOs and the recruitment of new Chief Executives.

Why Inkunzi Investments is buying Capitec Bank, Telkom and Balwin Properties

Why Inkunzi Investments is buying Capitec Bank, Telkom and Balwin Properties

Owen Nkomo, CEO at Inkunzi Investments, shares his stock picks of the week on Bruce Whitfield's The Money Show.

'Emigration is draining skills, destroying the future of South Africa’s economy'

'Emigration is draining skills, destroying the future of South Africa’s economy'

Small business guru Pavlo Phitidis shares shocking anecdotes and advises business owners on how to address this challenge.

13 tips for saving hundreds (nay, thousands!) of rands each month

13 tips for saving hundreds (nay, thousands!) of rands each month

The economy is toast. Personal finance expert Warren Ingram shares 13 highly effective tips for making ends meet.

‘Money makes you ugly! If it was no object, I’d give it away!’

‘Money makes you ugly! If it was no object, I’d give it away!’

The Money Show’s Bruce Whitfield interviews Professor Jonathan Jansen about his attitude to money and beliefs about it.

Popular articles
TymeBank CEO Sandile Shabalala quits

TymeBank CEO Sandile Shabalala quits

Shabalala says he wants to spend more time with his family. Bruce Whitfield interviews portfolio manager Kokkie Kooyman (Denker).

Average salary in SA is R6400 per month, but 70% of workers earn less

Average salary in SA is R6400 per month, but 70% of workers earn less

About 29% of workers earn less than the R3500 national minimum wage, says Anish Shivdasani, CEO at Giraffe.

Can South Africa and Nigeria kiss and make up? Because there’s money to be made

Can South Africa and Nigeria kiss and make up? Because there’s money to be made

The relationship is complicated and strained. Dianna Games reports back from the SA-Nigeria Investment Conference in Sandton.

Investec gives staff unlimited leave days and freedom to wear what they want

Investec gives staff unlimited leave days and freedom to wear what they want

The bank rewards innovation with substantial bonuses and pays according to output not hours at work, says Lesley-Anne Gatter.

We've technologist on record saying she'll not treat patients - Discovery Health

We've technologist on record saying she'll not treat patients - Discovery Health

CEO Dr Broomberg has rubbished reports that a KwaZulu-Natal patient died after the company stopped payments.

R400m is absolute nonsense, insists CR17 campaign member

R400m is absolute nonsense, insists CR17 campaign member

Ramaphosa's former campaign member Dr James Motlatsi says he is the one who asked Gavin Watson for a donation, not the president.

[WATCH] Sho Madjozi first female South African to win BET award

[WATCH] Sho Madjozi first female South African to win BET award

The rapper, singer and songwriting superstar walked away with the best new international act on Sunday evening in Los Angeles.

Gauteng waitress gets R18,000 tip for 'amazing service'

Gauteng waitress gets R18,000 tip for 'amazing service'

A waitress at The Beerhouse in Fourways who received the generous donation wants to finish her matric and become a paramedic.

Billionaire gives away R100 billion, leaving only 0.0002% of fortune for himself

Billionaire gives away R100 billion, leaving only 0.0002% of fortune for himself

You've probably never heard of Chuck Feeney. Nevertheless, he’s one of the strangest, most impactful people who has ever lived.