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.
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.
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.
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
Subscribe to our Business Wrap Newsletter