Mojapelo is also linked to Nkonki, the auditing firm involved in SAA accounting irregularities giving the troubled airline which has sucked up billions of taxpayers funds the all-clear when it shouldnt have. John has been appointed as CEO of Independent Regulatory Board of Auditors (IRBA). Tongaat Hulett has confirmed that its decision to enter into business rescue is voluntary. It's another sad chapter in a tragic story, as the current management team just couldn't deal with the ongoing economic onslaught and the disasters in KZN. There's also a subscriber-only WhatsApp channel which pings our members with the latest news. Steinhoff, EOH, and Tongaat Hulett exposed the myth that JSE-listed companies had strong governance and were immune to widespread corruption. Steinhoff, EOH, & Tongaat Hulett crushed South Africa's financial image. Julius worked for Nkonki from January 2009 until December 2014. Shares : 0. Some analysts are of the believe that there's still hope for the struggling sugar producer, Tongaat Hulett Ltd. Thus, the one-year subscription is a popular option, removing the need to continuously recalculate exchange rates. It also highlights the Top Three listened-to podcasts of the past week, with a short excerpt to provide a taster should you want to listen the the full episode. The world is changing fast and to keep up you need local knowledge with global context. It instituted a high court claim against them for R450-million in 2020, seeking repayment of all the bonuses, salary payments and benefits it had paid them during their tenure. In a statement, the company says it is in financial distress. The directors of JSE-listed sugar producer Tongaat Hulett on Monday announced some changes to the board. There are massive social elements attached to Tongaat in SA, specifically, and the communities and the families that the company support. Melani Nathan. Harry Smit Urges Tongaat Hulett Limited to Postpone Extraordinary General Meeting . Put us to the test. Former Tongaat Hulett executives set to appear in court in R1.5bn fraud matter At least seven former senior officials of Tongaat Hulett are set to appear in the Durban specialised commercial crimes court on Thursday in a massive fraud and corruption case. "The BRPs are scheduled to meet with creditors on Tuesday, 8 November 2022. Premium is spearheaded by Biznews founder Alec Hogg and colleague Lucy Ferreira, supported by the BizNews team of award winning journalists. The Qualification and Eligibility For Tongaat Hulett Vacancy ZA is Candidates Must Posses required qualification as Per Official Notification For Fabrication Workshop Foreman Vacancy Can Apply. After falling sharply last week Friday, Tongaat Hulett shares were even on Monday morning last week as markets considered the sugar producer's announcement that it needs to restate its 2018 financials and it would be delaying publishing its 2019 earnings while it conducts a forensic investigation. Deloitte has been Tongaat's auditors for more than 15 years. . He is a chartered accountant and was a senior executive at SAICA. - Melani Nathan Corruption in auditing: Disease spread by rotten auditors moving into leadership Plus the option of also joining the BizNews Interactive WhatsApp channel where debate is vigorous but respectful. It offers refined sugarcane and maize-based carbohydrate products. You can learn more about the BizNews team on the About Us page. It says despite the negative financial implications on other bodies that are dependent on it, the board says business rescue is the most responsible action. Tongaat never stood a chance, really. Steinhoff, EOH, and Tongaat Hulett exposed the myth that JSE-listed companies had strong governance and were immune to widespread corruption. Thereafter should you decide to cancel any time, you'll enjoy full access until the end of the current billing cycle. due to jeopardized public trust on business organizations and overall political and economic structure. I want them to disband the governing body and have a transformational plan in place before they can have an AGM. The group also actively associated themselves with the common purpose, and worked together to misrepresent the true state of the revenue brought about by sales of land by Tongaat Hulett Development (THD), and to falsify the financial records of THD and or Tongaat Hulett Limited. She plans to advance her case to SAQA, the South African Qualifications Authority. SA's largest sugar producer says its lenders have not agreed to extend borrowing facilities that would have made a restructuring plan possible, and it . Tongaat Hulett is an agriculture and agri-processing business, focusing on the complementary feedstocks of sugarcane and maize. They have some 14,500 small-scale growers whom they crush their crops for. Subscribe to the BizNews Insider for your weekday morning read. . 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I want professionals to know that they have further recourse beyond these regulatory bodies, says Moodley. Corruption scandal. OUTA, Solidarity and the Democratic Alliance all publicly voiced their concerns about her appointment as CEO of an institution which failed to investigate the Tongaat scandal. Scandals have been exposed at SAA, Tongaat Hulett and Steinhoff, to name a few. Plus access to a closed user group on Twitter. Others strongly disagree. Tongaat Hulett allegations follow on the heels of the Steinhoff International accounting fraud where profits were inflated by more than R100bn. Image: Supplied Seven former senior officials of Tongaat Hulett. Devoshum Moodley gave II ASA 30 days to disband the governing body and put in place a transformational plan before its annual general meeting. The board also confirmed that its Botswana, Mozambique and Zimbabwe sugar operations will be exempt from the rescue process as they remain financially sound. Nov 06, 2022. Tongaat is a major regional sugar producer with operations in Zimbabwe, Botswana, Mozambique and South Africa. The board says it is in support of a turnaround strategy on how to deal with the findings of the PWC investigation. The KwaZulu-Natal-based sugar production giant is facing an uncertain future due to corruption that crippled its finances over . BL Premium reports that the Tongaat Hulett business-rescue practitioners (BRPs) affirmed on Thursday that in line with the Labour Relations Act (LRA), the rights of employees of the group would remain protected during the business rescue process. News Durban. Tongaat Hulett ("Tongaat" or "the Company") today announced that the critical next step in delivering the comprehensive restructuring strategy to reduce its excess debt to sustainable levels and ensure the sustainability of the group has been completed. Scandals have been exposed at SAA, Tongaat Hulett and Steinhoff, to name a few. PwC and Nkonki were the joint SAA external auditors for five years from 2012 to 2016 and were paid a combined R69.7m over the period, according to figures provided by the Zondo Commission of Inquiry into State Capture. Sources close to. Tongaat Hulett's business rescue practitioners have given sugar cane farmers the assurance that they will be paid the more than R400 million owed to them before November 11th. At the end of 2018 the CEO, Peter Staude took early retirement and the chief financial officer, Murray Munro, went on sick-leave. Tongaat Hulett is the biggest supporter of small-scale, previously disadvantaged sugar growers in the country. The BIG debate: Would new social grants compromise economic growth? Is there anybody in this country that is NOT corrupt. Tongaat Hulett meet staff about financials . Tongatt also wants the court to attach the accuseds pensions, which it has withheld pending the outcome of the civil and criminal matters. 1) Steinhoff collapsed in December 2017 after former CEO Markus Jooste suddenly resigned following the exposure of . Its the whole culture of the board, one of the reasons we have an independent board is to ensure a safeguard against these kind of executives.. The company suspended its listing on the JSE in June stating it could not be sure of the underlying value of its assets when the accounting irregularities were exposed. The company's lenders say they are not able to support its restructuring plan or provide any additional funding. The JSE fined Tongaat Hulett R7.5 million following the accounting irregularities. Former senior executives and managers of Tongaat Hulett are expected to appear in court on corruption charges on Thursday. The R3.5bn fraud case against six former executives of sugar producer Tongaat Hulett Ltd and a former auditor for Deloitte and Touche is expected to proceed to the Durban high court in September. COP27s food and agriculture focus should include livestock. The irregularities were investigated by PwC but John was never taken to task by IRBA. Tongaat Hulett has less than 41 (%) percent chance of experiencing financial distress in the next two years of operations. I do not want the 35th AGM of II ASA to proceed on Thursday [19 November]. John was chair of the audit committee at Tongaat Hulett for nine years, until May 2019. Thabiso Goba. Moodley says: Theres an old boys club. The process of critically assessing the past, present and future of Tongaat Hulett Limited is important for vision building because: It allows identification of gaps and loopholes between the present an the future It directs Tongaat Hulett Limited towards filling those loopholes through correct resource allocation 07 Nov 2022 12:19:43 They will appear in court again on 11 April, then the matter will be transferred to the high court. It's another sad chapter in a tragic story, as the current management team just couldn't deal with the ongoing economic onslaught and the disasters in KZN. Devoshum Moodley is a whistleblower who has reported irregularities in a previous organisation, which she would rather not name because the case is currently underway in the courts. Industry experts are divided on this one. All material Mail & Guardian Online. Astral Foods does a balancing act hoping for more than chicken feed at year-end . is under business rescue following years of poor financial results as a result of corruption committed by former executives who allegedly "cooked" the books to earn performance bonuses. Lenders defend pulling Tongaat funding. Some sources quoted in the media suspect the origin of Tongaat Hulett's problems lies in its ill-judged land conversion and development policies. 01 November 2022 - 19:47 Andries Mahlangu. SAM MKOKELI | Business would do well to keep its distance . This raises questions, why is an accountant at the head of II ASA? Moodley said. At least seven former senior officials of Tongaat Hulett are set to appear in the Durban specialised commercial crimes court on Thursday in a huge fraud and corruption case. Business Day. They . It features a treasure trove of original content. SEVEN former Tongaat Hulett (THL) senior executives were charged over their role in a R3.5 billion fraud perpetrated at the company, this week appearing in the Durban Commercial Crimes Court. 1) Steinhoff collapsed in December 2017 after former CEO Markus Jooste suddenly resigned following the exposure of . She says they have a different skill set and are meant to be governed by a different authority, the SA Institute of Chartered Accountants. During the period of March 2014 to October 2018, the accused are alleged to have falsified the company's financial records. The seven executives, including former CEO Peter Staude, were charged with fraud and released on bail at the Durban Commercial Court in February. A whistleblower has joined the dots, exposing the baggage of top brass for all to see. The process will allow business rescue practitioners to investigate the affairs of the group and develop a business rescue plan. Votes : 0. Tongaat Hulett, the 130-year-old South African sugar maker, is being placed in administration after failing to recover from an accounting scandal that exposed a mountain of debt. Subscribe to our Newsletter for upcoming Tongaat Hulett Jobs for Matriculants. Thabiso Goba. Meanwhile regulatory bodies, which are supposed to monitor the integrity of business dealings have seen fit to hire individuals with chequered pasts into their C Suites. Nov 06, 2022. Read also: Efforts intensify to break dominance of SAs Big Four auditors after state capture scandals. The company released a brief summary of the key findings made in an investigation by PWC that was commissioned six months ago when the allegations about its accounting irregularities surface. Durban. TONGAAT Hulett's creditors are expected to line up today in a meeting with business rescue practitioners to chalk their demands from the company in quicksand over its continuity. Nov 06, 2022. 2022-04-14- Senekal De Wet is Executive Editor of Business Report. We have been working to return a business impacted by fraud, corruption and reputational issues as a critical driver of development and growth in KwaZulu Natal. On, January 18, 2022, Harry Smit announced that, it has formed a group of 15% retail shareholders on January 17, 2022. and lobbied with Tongaat Hulett Limited to postpone the Extraordinary General Meeting to allow shareholders more time to digest the December circular and get more details. Fortress's R4bn Clairwood Logistics Park sets new benchmark. Moodley has written an open letter to II ASA and IRBA, detailing her concerns and objecting to the commencement of the AGM. John insists that there is no conflict of interest in her appointment. Von Zeuner was appointed to the Tongaat Hulett board in December 2018 as part of a new leadership team, following the accounting scandal that rocked the group earlier that year and saw the. It was a major supplier of the land currently under development around Ballito . Certain people are picked and moved around this small industry, causing havoc as they go. The Board has approved the capital restructuring plan created by the Chief Restructuring Officer (CRO) and Restructuring Committee and it will . These webinars are for members only - we send you a link where you can register before every webinar. Todays world moves at warp speed. We take pride in our rapid turnaround. Find contact info for Tongaat Hulett employees Find Info Top Tongaat Hulett Employees Rob Aitken Chief Financial Officer. Their fraudulent conduct cost Tongaat R44-milion to have its financial statements restated and it was fined a further R7.5-million by local bourse the JSE and R20-million by the Financial Sector Conduct Authority. Tongaat Hulett Team Growth. She cites the example of Julius Mojapelo, who was appointed head of II ASA in June. With more than 26 000 employees, it also provides a livelihood to more than 20 000 . 2022 BizNews, Inc. | The Rational PerspectiveTerms & ConditionsComments Policy. For more, go to Business Insider SA. He has also been charged for failing to report a criminal offence. We've been hosting online webinars since 2015 as a monthly update for members who invested in the Biznews Global Share portfolio (return over 20%pa since inception). He talks about his personal strengths, his best goals for the company and the 63-years old CEO. Thats the Biznews Premium sweet spot. This is the view of Financial Mail editor and Steinheist author Rob Rose, who was at the forefront of reporting on the Steinhoff scandal. Just over two years after charges were laid against them, former Tongaat Hulett Limited chief executive Peter Staude and six others accused of defrauding the sugar and property giant of R2.5-billion have finally appeared in court. Deputy chairman at Sasfin Securities David Shapiro says better safeguards could have been exercised. by. They had overstated the company revenue by R2.4-billion, an act which, once discovered, exposed Tongaat to negative publicity and has been brought into disrepute with shareholders, lenders, regulatory authorities and the broader public. TONGAAT Beleaguered sugar and property group Tongaat Hulett released the "key findings" of PwC's forensic investigation into the group's financials and operations today, which points to. Tongaat Hulett revising oversight practices after corruption findings, A sugarcane field belonging to the Tongaat Hulett group. JOHANNESBURG - Embattled sugar company Tongaat Hulett says it is taking measures to revise its management and oversight practices following revelations that its executives overstated profits for years.
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