In a post-Steinhoff world, Tongaat leaves a bitter taste

The JSE should consider suspending Tongaat Hulett’s shares, since the sugar producer has admitted itself that its past financial results cannot be relied upon to determine its value.

There are valid arguments for and against suspending shares in these cases. Those who say a share should continue trading freely argue that those who want to exit can do so, while those who want to speculate in the stock are free to take a punt.

In the case of Steinhoff, whose shares are now geared towards risk-hungry investors, the company is also listed in Germany. That complicates things, since the JSE and the Frankfurt Stock Exchange must agree on the best outcome for investors...