
The group said management was taking appropriate action arising from evidence emerging in the forensic investigation.
“At this point, a criminal case has been opened against one former executive and given that this is now a matter being investigated by the South African Police Service, we are not able to provide any further information,” the group said.
At the beginning of June Tongaat informed the JSE it was suspending its listing on the bourse as it continued with its strategic and financial review of its operations following the revelation of “certain past practices which are of significant concern to the board”.
It said its consolidated financial statements for the year to end March 2018 will need to be restated, with an estimated reduction in the amount reflected in the 2018 financial statements as the company’s equity as at April 1, 2018, anticipated to be between R3.5 billion and R4.5bn.