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The market is bracing for further shocks at sugar giant Tongaat Hulett, as its share price has now tumbled to barely a 10th of the R168 in late 2014.
The share price has fallen 47% since it was revealed last Friday that it had roped in auditing firm PwC to do a "comprehensive review" of "certain practices which will require further examination".
If PwC finds those practices to have been unsavoury, Tongaat said it might "require remedial action including … assessing the impact on previously reported financial information".
In other words, Tongaat’s financials may be restated — a devastating indictment of its board and former CEO Peter Staude, who quit last October.
PODCAST: Behind the class action lawsuits against Tiger Brands..
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