JSE slaps Tongaat with with R7.5m fine non-compliance with exchange’s listings

DURBAN – Tongaat Hulett accepted both the findings and the public censure issued by the JSE, the agriculture and agri-processing firm said yesterday after it was slapped with a R7.5 million fine for non-compliance with the exchange’s listings requirements.

The JSE yesterday issued a public censure of Tongaat and a maximum fine of R7.5m, with R2.5m of the fine suspended for five years on condition that the group was not found in breach of material and important provisions of the listings requirements during the period of suspension.

“The company’s previously published financial information for the periods 2011 to 2018 did not comply with IFRS and was incorrect, false and misleading in material aspects and this incorrect information was disseminated to shareholders, the JSE and the investing public,” the JSE said.

Tongaat Hulett said it had co-operated and would continue to co-operate with the JSE and other regulatory bodies to deal with this matter and, in particular, to support the JSE to comply with its duties under the Financial Markets Act.

“The Tongaat Hulett board and management remain committed to good corporate governance and have undertaken to prevent a recurrence of a transgression of the listings requirements by reinforcing internal measures and policies to ensure compliance with the listings requirements,” the group said.