PRESERVATION ORDER
Tongaat orders staff to assist in PwC review
Strategic and financial review reveals certain practices might require remedial action
Troubled sugar and property group Tongaat Hulett issued a preservation order to its staff on Friday, instructing them that they are required to provide their full co-operation to PwC, which has been appointed to assist with a comprehensive review of the group’s previously stated financial accounts. The order was issued at about the same time the group released a Stock Exchange News Service statement informing shareholders that a strategic and financial review, which continues, has revealed "certain practices" that might require remedial action, and that PwC has been appointed to help with a "comprehensive review". By the close of business on Friday Tongaat’s share price had plunged more than a third to a record low of R22.
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