Embattled Tongaat to slash R1bn in cost-cutting drive
Farmers’ meeting told of ambitious overhaul
08 July 2019 - 05:10
Tongaat Hulett has outlined an ambitious cost-cutting drive to save roughly R1bn, Business Day has learnt, as part of efforts under a new management team to clean up the sugar producer’s balance sheet after it uncovered suspicious accounting practices.
Tongaat has hired PwC to investigate past bookkeeping practices that may have overstated profits by between R3.5bn and R4.5bn, the latest in a string of accounting scandals that have called into question local auditing standards...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.