Supreme Tongaat Hulett Financial Statements

These were eventually corrected in the March 2017 financial.

Tongaat hulett financial statements. The consolidated and separate Annual Financial Statements were approved by the Board on 13 August 2020. These past practices appear to have resulted in financial statements that did not reflect Tongaat Huletts underlying business performance accurately the company said. The review has revealed certain past practices which are of significant concern to the Board and the Companys auditors.

The Financial Sector Conduct Authority FSCA has fined Tongaat-Hulett R20 million for making false misleading or deceptive statements relating to its 2017 and 2018 annual results. Get detailed data on venture capital-backed private equity-backed and public companies. Put differently several senior Tongaat Hulett executives including former CEO Peter Staude created an environment in which it was accepted to falsify financial statements to inflate the.

These past practices appear to have resulted in financial statements that did not reflect Tongaat Huletts underlying business performance accurately the company said. Ad See detailed company financials including revenue and EBITDA estimates and statements. Tongaat failed to meet its obligations under the Financial Markets Act with the misstatements stretching back over six years.

Tongaats shares closed 35 down at R5 yesterday. The KwaZulu-Natal based sugar company Tongaat Hulett was fined R75-million last year by the JSE for misrepresenting its financial statements between 2011 and 2018 a. Ad See detailed company financials including revenue and EBITDA estimates and statements.

In a statement on Monday the financial watchdog said the fine relates to Tongaat Huletts contraventions of the Financial Markets Act FMA for the period prior. Get detailed data on venture capital-backed private equity-backed and public companies. The Board hereby submit the Annual Financial Statements for the year ended 31 March 2020.

Another corporate institute that has garnered much attention in recent weeks is Tongaat Hulett whose books show serious financial discrepancies with false profit reporting to the tune of R3 to 4 billion. Balance sheet income statement cash flow earnings estimates ratio and margins. The continued hyperinflation and extremely weak currency are likely to lead to further monetary losses arising from hyperinflation and other impairments carried in Tongaats financial statements.