Tongaat writedowns surge to R11.8bn amid Zimbabwean land expropriation
10 December 2019 - 10:40
Embattled sugar producer Tongaat Hulett says expropriated land in Zimbabwe partially resulted resulted in an unexpected R4bn writedown, as it grapples with an accounting scandal that is expected to lead to criminal charges against former executives.
The company said in May it would need to restate its results to end-March 2018, saying on Tuesday that write-offs had surged to R11.886bn due to land issues Zimbabwe and a R3bn deferred tax asset that has not been recognised...
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