Tongaat is getting a shifty Steinhoff look about it
Delaying results announcements, not releasing regular updates, and not publishing its full forensic report
It appears sugar and property company Tongaat Hulett (https://www.sharenet.co.za/v3/quickshare.php?scode=TON) is following the Steinhoff (https://www.sharenet.co.za/v3/quickshare.php?scode=SNH) rule book. That’s not as scary as it might sound and it certainly won’t result in as much litigation or grim headlines. No, it’s about delaying results announcements, not releasing regular updates to the market and, perhaps most controversially, not publishing its full forensic report.
And, just like Steinhoff, Tongaat is claiming legal privilege over the report. It can do this because it was actually law firm Bowman Gilfillan, acting on behalf of Tongaat, that appointed PwC to do the forensic investigation. Just as it was Werksmans, acting on behalf of Steinhoff, that appointed PwC to do the Steinhoff investigation.
If Tongaat had appointed PwC directly it would not be able to claim legal privilege and might have to release the report to anyone who could claim an interest...