Embattled Tongaat board under whip after unprecedented JSE reprieve
'We don’t know the extent of the problems, we’re all speculating,' warns analyst
In an unprecedented move the JSE has agreed to suspend the listing of one-time market favourite Tongaat Hulett for at least five months while its board battles to finalise its 2019 financial statements.
This is the first time the JSE has suspended a listing for reasons other than noncompliance with listing regulations or a pending liquidation. The most recent similarly dramatic suspension was African Bank in August 2014, which followed the Reserve Bank’s decision to place the bank in curatorship. Frankfurt authorities have refused to suspend trade in shares of Steinhoff, subject of SA’s biggest corporate scandal so far.