Auditing and financial services firm Deloitte will pay struggling Tongaat Hulett R260m, as it was the sugar producer’s auditor in the years before huge fraud at the company was revealed.

The payment will be made without Deloitte admitting any liability for the financial misstatements at Tongaat. In 2018 it came to light that its financial position was inflated by R12bn thanks to backdated land deals, overvalued sugar-cane inventory and hidden expenses...

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