The Money Show with Bruce Whitfield

Tongaat Hulett may have pulled a Steinhoff on its shareholders

pexels.com, 2019

Profits were misstated… They haven’t said it was deliberate… We are in many ways [sitting on another Steinhoff] … There’s going to be huge write-downs…

Chris Logan, fund manager - Opportune Investments

Tongaat Hulett warned shareholders on Friday that it has to restate its financial statement for the year ending on 31 March 2018 after it found “past practices, which are of significant concern”.

The sugar producer cautioned that it would probably have to reduce equity on its balance sheet by about a third (anything between R3.5 billion to R4.5 billion).

The Money Show’s Bruce Whitfield interviewed Chris Logan, a fund manager at Opportune Investments.

Listen to the interview in the audio below (and scroll down for more quotes from it).

…Land sales bolstered numbers…

Chris Logan, fund manager - Opportune Investments

Their profits collapsed…

Chris Logan, fund manager - Opportune Investments

As we got deeper and deeper into the review the news has become more and more alarming and the share price has collapsed.

Chris Logan, fund manager - Opportune Investments

Standards have fallen off a cliff…

Chris Logan, fund manager - Opportune Investments

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Tongaat Hulett may have pulled a Steinhoff on its shareholders


Recommended

by NEWSROOM AI
Read More
Ram Harisunker (Director) worked at Shoprite for 50 years. He started as a clerk

Ram Harisunker (Director) worked at Shoprite for 50 years. He started as a clerk

The Money Show’s Bruce Whitfield interviews Harisunker, probably Shoprite’s longest-serving employee.

Only a 'special kind of person' would want to lead SAA and Eskom

Only a 'special kind of person' would want to lead SAA and Eskom

Andrew Woodburn (MD, Amrop Woodburn Mann) discusses the loss of Eskom and SAA’s CEOs and the recruitment of new Chief Executives.

Why Inkunzi Investments is buying Capitec Bank, Telkom and Balwin Properties

Why Inkunzi Investments is buying Capitec Bank, Telkom and Balwin Properties

Owen Nkomo, CEO at Inkunzi Investments, shares his stock picks of the week on Bruce Whitfield's The Money Show.

'Emigration is draining skills, destroying the future of South Africa’s economy'

'Emigration is draining skills, destroying the future of South Africa’s economy'

Small business guru Pavlo Phitidis shares shocking anecdotes and advises business owners on how to address this challenge.

13 tips for saving hundreds (nay, thousands!) of rands each month

13 tips for saving hundreds (nay, thousands!) of rands each month

The economy is toast. Personal finance expert Warren Ingram shares 13 highly effective tips for making ends meet.

‘Money makes you ugly! If it was no object, I’d give it away!’

‘Money makes you ugly! If it was no object, I’d give it away!’

The Money Show’s Bruce Whitfield interviews Professor Jonathan Jansen about his attitude to money and beliefs about it.

Popular articles
Comedy of errors suggests Standard Bank bond applicants have much to worry about

Comedy of errors suggests Standard Bank bond applicants have much to worry about

Only when consumer journalist Wendy Knowler chased Standard Bank did they admit wrongdoing that cost a client R41 000.

Dozens of families evicted from Kraaifontein farm

Dozens of families evicted from Kraaifontein farm

Plass senior researcher Dr Farai Mtero explains what the law says about evictions.

Land Claims Court ruling: 'Jubilation when judgment was handed down'

Land Claims Court ruling: 'Jubilation when judgment was handed down'

Association of Rural Advancement director Laurel Oettle praises ruling by ConCourt to uphold move to appoint a special master.

[WATCH] Ndlovu Youth Choir shines once again with latest AGT performance

[WATCH] Ndlovu Youth Choir shines once again with latest AGT performance

The inspiring South African choirU2's Beautiful Day at America's Got Talent quarter-finals.

Want to get rich? Got R100? You don’t need millions to start

Want to get rich? Got R100? You don’t need millions to start

Bruce Whitfield interviews Anthea Gardner, author of "Make Your Money Work for You: Think Big, Start Small".

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).

Mystery solved: Why smelly, blue sewage has been leaking into Cape Town forest

Mystery solved: Why smelly, blue sewage has been leaking into Cape Town forest

The reason for the leakage has been revealed, explains Table Mountain Aerial Cableway MD Wahida Parker.

W Cape traffic chief: Stay close to other motorists on N2 to stay safe

W Cape traffic chief: Stay close to other motorists on N2 to stay safe

W Cape Traffic Chief Kenny Africa says private security working with the department is helping curb the stonings on the highway.

Were missing SA men victims of Vietnamese organ harvesting syndicate?

Were missing SA men victims of Vietnamese organ harvesting syndicate?

Gift of the Givers fears two South African men who went missing in Vietnam may have fallen prey to an organ harvesting syndicate.