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Even by the inglorious recent record of the South African corporate sector since the exposure of enormous fraud at Steinhoff in 2017, the destruction of shareholder value at Tongaat Hulett has been spectacular. Opportune Investments CEO Chris Logan, a constant critic of the company’s strategic direction, noted last week that the company, which was worth about R24bn in September 2014, had once been a blue chip. If there’s any investor or pension fund that kept their shareholding from those days, they have now lost about 88%. Its latest share slide has left it valued at just more than R2bn. Unfortunately, since the collapse of the Steinhoff share price, which left investors poorer by about R200bn, these stories are becoming more frequent. After Steinhoff, there were the allegations of wrongdoing related to the Resilient group of property companies that caused a share-price slide wiping off about R120bn in value at one point. While the Financial Sector Conduct Authority (FSCA) cleare...

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