November 29, 2019 / 10:26 AM / 14 days ago

PwC probe finds executives at S.Africa's Tongaat overstated profits, assets

JOHANNESBURG, Nov 29 (Reuters) - South Africa’s Tongaat Hulett said on Friday a PwC probe found that certain senior executives had overstated profits and certain assets by using “undesirable accounting practices”.

The agriculture and agri-processing firm, which produces a range of sugarcane and maize based products, has been battling to restore investors’ confidence after announcing earlier in the year that it would have to restate prior financial reports as part of a strategic and financial review.

Reporting by Nqobile Dludla Editing by Tim Cocks

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