
One of the largest sugar producers in the world and a multi-billion rand South African business is facing the consequences of its own suspicious practices this week. It would seem that the Tongaat Hulett have been cooking the books, rather than their own sweet produce, and they've been dubbed as the latest Steinhoff in Mzansi.
Tongaat Hulett have suspended trading on the Johannesburg Stock Exchange (JSE) and its London counterpart (FTSE 100). Their most-recent financial results have been delayed as investigators dig deeper into a series of irregularities reported at the company.
Shares in Tongaat Hulett suspended. from SENS: "There is not currently sufficiently reliable information to enable the Board to update the financial information in the September 2018 Interim Results or the February 2019 Trading Statement with confidence.
Bruce Whitfield (@brucebusiness) June 10, 2019 Who are Tongaat Hulett?Financial irregularities and comparisons to SteinhoffWe haven't been able to uncover too much as it stands, but it seems the trouble has come from the very top. In the same way the financial behemoth of Steinhoff came crashing down, it appears the sugar giants are going the same way. Their executives have been benefitting from bonuses when workers are facing extreme struggles.
Over 5 000 retrenchments letters have been sent to staff, as the industry titan braces for impact from the results of an advanced forensic audit. We can expect to learn about chaotic financial decisions and suicidal economic policies that have brought Tongaat Hulett to this point.
How much is Tongaat Hulett worth?In the past five years, the group have been able to generate revenue of around R15 billion annually. However, with the sugar trade hitting a slump, it seems Tongaat Hulett haven't adapted to the times.
Tongaat Hulett share price for Monday 10 JuneShares had plummeted by 5.3% on Monday afternoon before trading ceased on the markets. When they do get up and running again, expect that number to tumble even further. Tongaat Hulett's shares are currently worth 1 321 ZAC / R13.21 at the close of business on Monday 10 June.
R13.21 -5.43% in a @JSE_SENS $JSETON Tongaat Hulett asks for its shares to be suspended from trading on the @JSE_Group
Whoops, When trading resumes, whenever that will be, you watch that stock sink like the Titanic
That sugar stock has develoiped severe diabetes
@Smalltalkdaily Research (@smalltalkdaily) June 10, 2019 Five essential factsThe 117-year-old business isn't in the news very often, but that's all about to change. One could be forgiven if this was their first encounter with the organisation here are some quick facts to help you get better acquainted.
The company were formed in 1892 following a merger between two sugar producers in Tongaat, KZN.
Their CEO is JG Hudson a name which could become synonymous with that of Markus Jooste's.
Tongaat Hulett Developments are a property management project created by the company. They build and maintain commercial, residential and industrial properties/resorts.
They are South Africa's largest producer of starch and glucose.
The company also have branches in Mozambique, Zimbabwe and Swaziland.
Tags: Businesscorruptionfinancial adviceSouth Africa
More from The South African
22/05/2024
Judge blocks auction of Elvis Presley's Graceland estateA judge in Tennessee has temporarily halted a foreclosure sale of Graceland, the historic home of El...
22/05/2024
Skeem Saam: Wednesday's episode, 22 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African so...
22/05/2024
Tonight's Scandal: Jojo draws a line in the sand and Phaka must make a decis...
22/05/2024
Tonight on House of Zwide: A costly request from Adani and Keletso, breaking the...
22/05/2024
Tonight on Smoke and Mirrors: Dikeledi's death at the hands of Mthetho leave...
22/05/2024
Skeem Saam: Tuesday's episode, 21 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soap...
22/05/2024
Shaka ILembe': Mzansi Magic denies food poisoning incident, confirms deathMzansi Magic has responded following reports that two Shaka ILembe' season tw...
22/05/2024
Bridgerton's third season sizzles with record-breaking viewership Bridgerton' Season 3 Part 1 shattered records with a staggering 45.1 million views wit...
22/05/2024
Tonight on Skeem Saam: The Maputlas find out about Ntswaki's liesDon't miss Wednesday, 22 May's riveting episode of South African soapie Skeem Saam ...
21/05/2024
WATCH: Tonight's Scandal teaser - 21 May 2024Don't miss Tuesday, 21 May's riveting episode of South African soapie Scandal! on e.tv on DStv channel ...
21/05/2024
Tonight on Skeem Saam: Sthoko and Babeile's reunion puzzles and shatters the...
21/05/2024
Tonight on House of Zwide: Soka is forced to lie after Mampho catches him prepar...
21/05/2024
Skeem Saam: Monday's episode, 20 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soapi...
21/05/2024
Popular children's TV shows you may have forgottenSouth African television channels have entertained us over the years. Here is looking back at some popular...
21/05/2024
Actor Dumisani Dlamini discusses his role in Isitha: The Enemy'Legendary actor Dumisani Dlamini has landed the character of Nsimbi in e.tv's popular te...
21/05/2024
Tonight on Smoke and Mirrors: General's romantic gesture to Lulu meets with ...
20/05/2024
Tonight on Skeem Saam: Ntswaki sneaks Toby into the house but sadly for her, Lee...
20/05/2024
Tonight on House of Zwide: Soka decides to explore things with Ona while still s...
20/05/2024
Tonight on Smoke and Mirrors: Jaxon and Caesar fail in their attempt to corrupt ...
20/05/2024
Tonight on Scandal: Dintle's work life suffers as she struggles to hold it a...
20/05/2024
RIP: Two deaths' on Shaka ILembe' productionTwo people, who are part of the Shaka Ilembe' production set to return for a second season, have repo...
20/05/2024
Gangsterism in movies and television: Wees geskool'Gangsterism has been portrayed in movies and television: but have you ever seen these films and televisi...
20/05/2024
School project features Die Antwoord' [Watch]School projects are difficult. However, this student took some inspiration from the controversial band Die An...
20/05/2024
Tonight on Skeem Saam: Ntswaki sneaks Toby into the house but sadly for her, Lee...
19/05/2024
House of Zwide' June Spoiler: The Zwides recover their millions The House of Zwide' June teasers reveal that Funani and Nkosi will recover a share of t...
18/05/2024
Skeem Saam: Friday's episode, 17 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soapi...
18/05/2024
Shaka Ilembe' approved for season threeMzansi Magic's hit series Shaka Ilembe' which stars Nomzama Mbatha has been commissioned for a third season....
17/05/2024
Tonight on Skeem Saam: Lehasa gets a rude awakening when Kgosi blackmails himDon't miss Friday, 17 May's riveting episode of South African soapie Skeem ...
17/05/2024
Tonight on House of Zwide: Dorothy is blown away by Ona's sketches for her w...
17/05/2024
Tonight on Scandal: Dintle has a visit from her past that leaves her very unsett...
17/05/2024
Skeem Saam: Thursday's episode, 16 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soa...
17/05/2024
Prison Journalism: Letter to my mothersThabo Mthembu was incarcerated in Pollsmoor Prison from 2014 to 2019. Read Thabo's story
by Thabo Mthembu
17-05-20...
17/05/2024
Paul McCartney becomes UK's first billionaire musicianMusic icon Paul McCartney has become the UK's first billionaire musician, according to the Sunday ...
17/05/2024
Tonight on Smoke and Mirrors: Sakhile advises Tiny against sabotaging PetuniaDon't miss Friday, 17 May's riveting episode of South African soapie Smoke ...
16/05/2024
Tonight on House of Zwide: Nkosi is angry and accuses Shoki of keeping secrets f...
16/05/2024
Tonight on Smoke and Mirrors: Phakathi examines the CCTV coverage and questions ...
16/05/2024
Tonight on Scandal: A terrifying story pushes Dintle into making a life-altering...
16/05/2024
Irma Stern's 1930 portrait Cape Girl with Fruit headlines SA art auctionAn Irma Stern painting from 1930 leads Strauss & Co's diverse catalogue of moder...
16/05/2024
Prison Journalism: The role my mother played in my lifeWesley Leong was incarcerated at the age of 15 in 1996 at Pollsmoor Prison. He is currently part of Resto...
16/05/2024
Actress Sibongokuhle Cele joins Muvhango'Model and former Durban Gen' actress Sibongokuhle Cele has secured a role in SABC2's soapie Muvhango'...
16/05/2024
Tonight on Skeem Saam: Carol sees Ntswaki getting up to no good with TobyDon't miss Thursday, 16 May's riveting episode of South African soapie Skeem Sa...
16/05/2024
Skeem Saam: Wednesday's episode, 15 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African so...
16/05/2024
Monet painting fetches R640 million at New York auctionA Monet has sold for nearly R640 million at auction, Sotheby's said, marking a solid start to New Yor...
15/05/2024
Eminem killing off Slim Shady' with new albumEminem is announcing a new album, called The Death of Slim Shady' killing off his controversial, crazy ps...
15/05/2024
Tonight on House of Zwide: Zanele's baby's heart is not beatingDon't miss Wednesday, 15 May's riveting episode of South African soapie House of ...
15/05/2024
Tonight on Skeem Saam: Mr Kgomo is forced to defend his decision to hire EuniceDon't miss Wednesday, 15 May's riveting episode of South African soapie S...
15/05/2024
Afrikaans words nobody learned at schoolAfrikaans has some interesting words, which nobody might have learned at school. What about koeksisters' and panto...
15/05/2024
Tonight on Smoke and Mirrors: Tiny is intimidated by Petunia and tries to have h...
14/05/2024
Radio Mzansi: Nine Proudly South African stationsRadio stations are everywhere, but limited to area Or are they? You can listen to these proudly South African ...
14/05/2024
Leon Schuster: Five of the comedian's favouritesLeon Schuster is one of South Africa's favourite comedians. What's your comedy movie of choice? Watc...