Peter Staude, CEO of Tongaat Hulett. Picture: FINANCIAL MAIL
Peter Staude, CEO of Tongaat Hulett. Picture: FINANCIAL MAIL

The FM’s recent article by Marc Hasenfuss and column by Rob Rose (Money & Investing, Editorials, June 6-12) regarding Tongaat’s implosion refer.

Neither mentioned that a year ago Investec analyst Anthony Geard called out Tongaat for poor results, and suggested that Peter Staude’s departure as CEO was long overdue.

He was swiftly rebuked by Investec, a large shareholder, shamefully implying he was out of line.

Geard’s commentary has now been vindicated, with the share crashing and being suspended, after financial chaos was revealed at the company. I trust Investec has apologised to its astute analyst.

Paul Wannenburg
Port Elizabeth

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