PwC probe finds executives at Tongaat Hulett overstated profits, assets
JOHANNESBURG- South Africa’s sugar producing giant, Tongaat Hulett, said on Friday a PwC probe found that certain senior executives had overstated profits and certain assets by using “undesirable accounting practices”.
The agriculture and agri-processing firm, which produces a range of sugarcane and maize based products, has been battling to restore investors’ confidence after announcing earlier in the year that it would have to restate prior financial reports as part of a strategic and financial review.
Tongaat Hulett fell more than 4 percent on the JSE in June this year when auditing firm PwC began its probing of the agriculture and agro-processing group’s 2018 financials amid mounting operational challenges.
Source: iol.co.za
