Why Huge must restate its financial results
The court outcome is part of a long-standing dispute between Huge Group and the JSE
Huge Group has been forced to restate its financial results after failing in a court application against the JSE. In 2014, the JSE instructed Huge to restate its annual financial statements from 2010 to 2012. Huge went to the High Court in Johannesburg to have this decision set aside, but its application was dismissed. The court case was part of a long-standing dispute between the two entities over the 2008 single-stock futures (SSF) contracts into which certain Huge executive directors entered with the company. The transactions were found to have breached the JSE’s listing rules and the exchange imposed hefty fines on the directors. Huge said the restated results were expected to be included in the financial statements for the year to February 2018. The company said the restatement was related to the accounting treatment in Huge’s reporting for 2010 and, by implication, the results for the corresponding 2009, 2011 and 2012 financial statements of 80,455 SSF contracts that Huge acqu...
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.