JOHANNESBURG - Beleaguered sugar producer Tongaat Hulett on Friday shocked the markets with the latest multi-billion-rand scandal to rock corporate South Africa.
The group in a statement said its 2018 results could face a potential hit of up to R4.5billion following a review of its accounting practices.
“Once the forensic investigation and report findings are complete and the final accounting treatments are resolved by the company, the auditors will then complete the outstanding audit processes; and the board is committed to finalising the financial statements as soon as reasonably possible,” Tongaat said.
“Current timelines indicate that the company’s audited consolidated financial statements for the year ended March 31, 2019, which will include the restated prior financial information, should be released by October 2019.”
The group said its strategic and financial review had revealed “past practices which are of significant concern”, and these practices appeared to have resulted in its financial statements for the year ended March 2018, not reflecting the underlying business performance accurately.