Ann Crotty Writer-at-large

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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now