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Bloomberg reports that according to Tongaat Hulett, SA police are investigating an unnamed former executive for his role in an accounting scandal that has forced the sugar maker to restate financials and ask for its shares to be suspended.
A criminal case has been opened against the individual, Tongaat indicated, without identifying the person. The company also advised that further measures to hasten a recovery from the crisis included a review of assets, “some of which may be sold and others restructured or retained”. “We are also reviewing, and possibly reducing, our headcount as part of the broader restructuring of the business to ensure the company has the right skills and experience to implement our new operating approach,” the company said. Tongaat’s shares were suspended earlier in June after a series of disclosures on financial mismanagement wiped more than 75% off the market value.
- Read the full original of Loni Prinsloo’s report on this story at BusinessLive
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