PIC should have a pop at Tongaat as a practice round

Business

PIC should have a pop at Tongaat as a practice round

Both Steinhoff and Tongaat claim confidentiality prevents them from releasing reports on their demise

Ann Crotty

As one of Steinhoff’s biggest shareholders, with access to the necessary funds for a potentially long drawn-out legal battle, the Public Investment Corporation (PIC) is well placed to challenge the claims of confidentiality that keep the Steinhoff report under lock and key.

But perhaps SA’s single largest equity investor should first consider setting a precedent with an easier target: Tongaat. As a large shareholder in this once mighty sugar producer, the PIC would be the perfect party to challenge similar claims of confidentiality being made by the Tongaat board.

There is a risk that early release of highly sensitive information may assist the alleged perpetrators, but the broad-brush manner in which the boards of both Steinhoff and Tongaat have claimed confidentiality needs to be challenged before it becomes accepted practice...

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