PwC report finds accounting irregularities at Tongaat Hulett

The Money Show with Bruce Whitfield

PwC report finds accounting irregularities at Tongaat Hulett

2 December 2019 12:36 PM

There have been media reports that Tongaat Hulett was accused of cheating on its financials.

The company ordered an investigation by PWC after its new chief executive officer Gavin Hudson and he says the company will institute civil claims against former top executives including former CEO Peter Staude.

RELATED: Tongaat Hulett may have pulled a Steinhoff on its shareholders

Tongaat Hulett will also contact the National Prosecuting Authority and the police over its financial reports misstatements.

The report found corporate governance failures and accounting irregularities.

The Money Show's Bruce Whitfield interviewed Opportune Investments fund manager Chris Logan to give more insight on the matter.

This scandal smells like the Steinhof scandal although the underlying wrongdoing at Tongaat Hulett was far less sophisticated and it seems far more basic.
— Chris Logan, Fund manager - Opportune Investments

Listen to the interview in the audio below.

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Written by: Matshepo Sehloho

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