Tongaat Hulett Ltd. needs to restate its financial results for the year through March 2018 after a review found that past reporting practices appear to have misrepresented the South African sugar producer’s underlying business performance.
The review is ongoing, but it estimates that the 2018 financial statements will need to be altered by as much as 4.5 billion rand ($305 million) in non-cash adjustments. The company is also assessing whether the problematic practices were deliberate.
Key Insights
- Investors will have been bracing for the news, as Tongaat said in March it had discovered “certain practices” that could lead to a ...
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