JSE fines sugar firm Tongaat

The Johannesburg Stock Exchange (JSE) on Wednesday said it would impose a public censure and fine of R7.5 million ($434,916) on scandal-hit sugar producer Tongaat Hulett Ltd due to non-compliance with its listing requirements.

“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 in a statement.

Tongaat, which temporally suspended trading in its shares last year, restated its prior financial information after a formal review revealed certain accounting practices that needed to be re-examined.

Source: moneyweb.co.za