Streaming issues? Report here
Abongile Nzelenzele 2019 1500 BW Abongile Nzelenzele 2019 1500 BW
Early Breakfast with Abongile Nzelenzele
04:00 - 06:00
volume_up
volume_mute

Up Next: Breakfast with Refilwe Moloto
See full line-up
Early Breakfast with Abongile Nzelenzele
04:00 - 06:00
Home
arrow_forward
Business

Tongaat Hulett may have pulled a Steinhoff on its shareholders

3 June 2019 8:28 PM
Tags:
Steinhoff
The Money Show
Bruce Whitfield
Tongaat
Tongaat Hulett
Chris Logan
Opportune Investments

It must now cut its balance sheet by about a third. Bruce Whitfield interviews Chris Logan, fund manager at Opportune Investments.
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


3 June 2019 8:28 PM
Tags:
Steinhoff
The Money Show
Bruce Whitfield
Tongaat
Tongaat Hulett
Chris Logan
Opportune Investments

Recommended

More from The Money Show with Bruce Whitfield

sugar-bowl_spoon.jpg

PwC report finds accounting irregularities at Tongaat Hulett

2 December 2019 12:36 PM

The Money Show's Bruce Whitfield chats to Opportune Investments fund manager Chris Logan.

Share this:
Read More arrow_forward

Black Friday shoppers shopping consumerism 123rfbusiness 123rflifestyle 123rf

FNB processes almost 3,000 transaction per second on 2019 Black Friday

2 December 2019 11:16 AM

The Money Show’s Bruce Whitfield chats to CEO Jacques Celliers on the impact the day had on South African bankers.

Share this:
Read More arrow_forward

180323 Cape Town International Jazz Festival 2018 5

'I’m very conscious about how I spend. I don’t buy fancy cars. I buy bargains'

14 October 2019 11:07 AM

Bruce Whitfield interviews Sipho Hotstix Mabuse about his attitude toward money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

Piggy bank

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

14 October 2019 10:30 AM

You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.

Share this:
Read More arrow_forward

South African passport

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

10 October 2019 3:37 PM

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

Share this:
Read More arrow_forward

Income tax

How to get a nice, fat tax refund from Sars (a guide for business owners)

9 October 2019 2:57 PM

The Money Show's Bruce Whitfield interviews Daniel Baines, author of "How to Get a Sars Refund for Small Businesses".

Share this:
Read More arrow_forward

jeremy-mansfieldjpg

Jeremy Mansfield gets real about his money and beliefs about it

13 September 2019 1:03 PM

Bruce Whitfield interviews Jeremy Mansfield about his attitude to money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

Albie-Sachs.jpg

'We had a disdain for money. Material possessions counted for so little'

12 September 2019 3:20 PM

Justice Albie Sachs talks about his attitude to money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

riky-watch-ricky-rick-live-as-we-prepare-for-huawei-joburg-day-2018

My daughter (10) and son (5) must start working early - Riky Rick

30 August 2019 2:06 PM

Bruce Whitfield interviews rapper Riky Rick about his attitude toward money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

used-car-salesmanjpg

Buying a used car? New app sends mechanic to inspect it before you decide

28 August 2019 8:16 PM

Hanru Reyneke is on a mission to disrupt the used-car industry in South Africa by providing peace of mind to punchdrunk consumers.

Share this:
Read More arrow_forward