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
Africa needs activists, not leaders: Meet SA's AU youth council member

Africa needs activists, not leaders: Meet SA's AU youth council member

Listen to insights from Shakira Choonara - award-winning, internationally recognised youth and healthcare activist.

EFF wants 'apartheid denialist' de Klerk prosecuted and Nobel Prize withdrawn

EFF wants 'apartheid denialist' de Klerk prosecuted and Nobel Prize withdrawn

The EFF responds to FW de Klerk Foundation statement after demanding the former president's removal from Parliament during Sona.

Eskom shifts load shedding to stage 2

Eskom shifts load shedding to stage 2

Stage 2 load shedding is in force from 9 am on Sunday.

Me-time, partner time and parenting - finding the right balance

Me-time, partner time and parenting - finding the right balance

Parenting expert Nikki Bush has advice on balancing everyone's needs amid the demands of busy family lives.

[WATCH] Zozi returning to US after colourful Cape Town welcome

[WATCH] Zozi returning to US after colourful Cape Town welcome

Zozibini Tunzi dazzled Capetonians during the final leg of her homecoming tour after bagging the Miss Universe crown in December.

Weekend load shedding upgraded to stage 3

Weekend load shedding upgraded to stage 3

After announcing stage 2 power cuts on Friday evening, Eskom now says stage 3 will be implemented from Saturday morning.

Eskom to implement Stage 2 load shedding

Eskom to implement Stage 2 load shedding

The power utility says this is due to the loss of an additional four units.

[LISTEN] Is a new smart city in Gauteng feasible?

[LISTEN] Is a new smart city in Gauteng feasible?

Ntiyiso Consulting Group CEO and industrialist Alex Mabunda shares his views on President Cyril Ramaphosa's big plan.

DUT security threaten EWN journalist with violence and 'throwing him off a hill'

DUT security threaten EWN journalist with violence and 'throwing him off a hill'

Eyewitness News reporter Nkosikhona Duma explains why he was threatened by the private security company.

'Saxbae' Bongani Radebe sets the mood for Valentine's Day Evening of Love

'Saxbae' Bongani Radebe sets the mood for Valentine's Day Evening of Love

Bongani Radebe and Bekezela serenade #702Uplugged this Valentine's Day.