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

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


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