A forensic review conducted by PricewaterhouseCoopers had been completed and received by Tongaat’s board, and an overview of the review would be provided to shareholders at an appropriate time, a statement said.
In addition, “good progress” had been made on a turnaround plan which would affect most parts of the business, including broad-based economic empowerment initiatives.
Chairperson Louis Von Zeuner said: “The process to identify the restatements has been thorough, with the right level of governance, as we are cognisant of the need to provide stakeholders with reliable financial information. We will update the market on the release date for the March 2019 financial statements as soon as practically possible.”
Part of the turnaround process under way was the cutting of its direct sugar cane farming activities in South Africa, and the number of jobs lost would depend on the farm sales and extent of hectares sold, a spokesperson said yesterday.