Tongaat Hulett institutes claims against former executives

JOHANNESBURG - Another JSE-listed company is instituting claims against former executives.

Tongaat Hulett says a PwC probe found certain senior executives overstated profits and certain assets by using what it calls "undesirable accounting practices".

PwC also conducted a forensic probe into scandal-hit Steinhoff.

READ: Tongaat Hulett suspends trading on JSE

Tongaat's CEO, Gavin Hudson, asked for the probe after the company received credible allegations of financial wrongdoing via its internal whistle-blowing line.

Tongaat has also roped in the police and National Prosecuting Authority to pursue those guilty of the irregularities.

The agriculture and agri-processing firm produces a range of sugarcane and maize-based products.

Source
eNCA