Tongaat Hulett agreed to pay a R20m fine for misleading disclosures, a penalty that drew criticism from at least one investor for inflicting more pain on shareholders of the former blue-chip in the middle of recovering from a devastating accounting scandal.

The Financial Sector Conduct Authority (FSCA), the country’s top capital markets regulator, slapped the sugar producer with a R118.3m fine for publishing deceitful financial information over a six-year period, but the watchdog slashed the sum to R20m, acknowledging the company’s co-operation during the investigation and seeking to limit harm on investors...

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