Tongaat looks for the sweet spot again

December 23, 2019 Siyabonga Mtangana

Tongaat Hulett has emerged from its most challenging year since its formation, bruised and battered by its own hand, as the agriculture and agri-processing company battles to rebuild its corporate image in the wake of a corporate scandal. Photo Supplied

DURBAN – Tongaat Hulett has emerged from its most challenging year since its formation, bruised and battered by its own hand, as the agriculture and agri-processing company battles to rebuild its corporate image in the wake of a corporate scandal.

The 127-year-old institution is picking up the pieces left behind after it emerged that certain former executives had overstated assets and profits by using “undesirable accounting practices”, according to the forensic investigation contained in the report compiled by PricewaterhouseCoopers (PwC).

At the conclusion of the report, the PwC seven-page report fingered 10 executives for wrongdoing, including former chief executive Peter Staude. However, the full contents of the report are yet to be published as it is subject to legal privilege and other confidentiality restrictions.

Other executives fingered in the PwC report were John Chibwe, Michael Deighton, Steve Frampton, Shelton Nhari, Sydney Mtsambiwa, Les Munro, Murray Munro, Raphael Pfunye and Sean Slabbert.

Tongaat is considering launching civil claims against the former senior executives.

Source: iol.co.za

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