SATongaat Hulett confirms civil claims against former executives
─── 12:45 Wed, 12 Jan 2022
Tongaat Hulett is seeking around R450 million in total claims as part of its civil court action against several implicated former executives.
This, as the JSE-listed sugar producer is still trying to recover from the accounting scandal that brought the group to its knees three years ago.
The group confirmed the civil claims figure in a statement on Wednesday, as it awaits news from the National Prosecuting Authority on whether the NPA will criminally charge and prosecute the former executives for the alleged accounting irregularities.
Following several accounting anomalies being revealed in a forensic investigation in 2019 by PwC, Tongaat Hulett had to restate its results for its 2018 and 2019 financial years.
Former executives cited in the PwC forensic report included CEO Peter Staude, former CFO Murray Munro, former finance executive and director of Tongaat Hulett Sugar South Africa Sean Slabbert; and, former Tongaat Hulett Developments managing director Michael Deighton, amongst others.
Tongaat Hulett Company Secretary, Johann van Rooyen confirmed that Tongaat Hulett is withholding Staude and Deighton’s pensions until the finalisation of the litigation initiated against them.