AGRICULTURAL NEWS - Tongaat Hulett Limited has made some positive progress in its efforts to dig itself out of the precarious financial position that the company found itself in recent years.
Farmer’s Weekly previously reported that this followed a six-month forensic investigation into the company’s financial affairs.
Among other findings, the investigation found that previous directors and some senior staff of the company had allegedly deliberately manipulated or misstated the company’s 2018/2019 financial results, while others had overlooked such illegal and unethical actions by their colleagues.
As a precautionary measure, the company requested both the Johannesburg Stock Exchange and the London Stock Exchange to suspend trading of its shares in mid-2019, until all the relevant concerns had been satisfactorily resolved. These suspensions were lifted on 3 February this year.
