At first glance the seven pages of "key findings" from PwC’s investigation into an accounting scandal at Tongaat Hulett are an encouraging advance on the 11-page summary the same audit firm produced on the considerably larger Steinhoff debacle in 2018.

But look a little closer and it’s difficult to find much substance. True, the newly appointed Tongaat board has disclosed the names of 10 senior executives implicated in "undesirable activities", which resulted in the overstatement of profits and assets at the sugar producer. It will go after the executives, which feels like progress.

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