Tongaat multimillion-rand bonuses ‘paid on basis of inflated profit’
The bonuses should be paid back, says a former investor
Sugar producer Tongaat Hullet’s previous management should return multimillion-rand cash bonuses paid on the basis of allegedly inflated profits, a former long-term investor in Tongaat said on Sunday.
Tongaat announced on Friday that it needed to restate its financial statements for the year to March 2018 after identifying "past practices, which are of significant concern". The sugar producer said it would probably have to reduce the equity on its 2018 balance sheet by between R3.5bn and R4.5bn, about a third.
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