It appears sugar and property company Tongaat is following the Steinhoff rule book. That’s not as scary as it might sound and it certainly won’t result in as much litigation or grim headlines. No, it’s about delaying results’ announcements, releasing regular updates to the market and, perhaps most controversially, not publishing its full forensic report.

And, just like Steinhoff, Tongaat is claiming legal privilege over the report. It can do this because it was actually law firm Bowmans, acting on behalf of Tongaat, who appointed PwC to do the forensic investigation. Just as it was Werksmans, acting on behalf of Steinhoff, who appointed PwC to do the Steinhoff investigation...

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