Hulett’s bittersweet suspension is more on the sweet side
More and more people are involved in getting to the bottom of what really happened
There’s little doubt the JSE was going to be damned if it did, damned if it didn’t, but on balance the unprecedented decision to suspend Tongaat Hulett was probably the right one.
With each passing week, the number of people involved in getting to the bottom of what has transpired at this company grows exponentially.
It’s not just the key decision makers in the company, it’s their advisers, their bankers and the other professionals churning through the accounting debris that was used to create the financial statements that can no longer be relied upon. It is unclear how far back the investigators will have to dig before they reach information they can rely on...