The seven-page report named 10 executives for wrongdoing, including former chief executive Peter Staude. Other executives fingered in the PwC report are John Chibwe, Michael Deighton, Steve Frampton, Shelton Nhari, Sydney Mtsambiwa, Les Munro, Murray Munro, Raphael Pfunye and Sean Slabbert.
The agriculture and agri-processing company appointed PwC in March to conduct forensic investigation after it said its consolidated financial statements for the year to the end of March 2018 would have 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.
However, Tongaat said the PwC report would not be made public, as it was subject to legal privilege and other confidentiality restrictions.
Gavin Hudson, who was appointed as chief executive in February, initiated the investigation by PwC. Hudson was given a mandate to conduct an immediate and comprehensive strategic and financial review with the objective of stabilising the business, addressing the debt levels and setting the path towards acceptable returns for shareholders.