FSCA slaps Tongaat Hulett with fine for accounting irregularities

The Financial Sector Conduct Authority (FSCA) has recently imposed a hefty R20 million fine on Tongaat Hulett after uncovering significant accounting irregularities. Brandon Topham, Divisional Executive for Enforcement at the FSCA, shed light on the investigation during a CNBC Africa interview. Topham explained that the initial fine was set at 118.3 million, but due to factors such as innocent shareholders being impacted by the penalties for offenses committed by individuals who are no longer with the company, a remittance was granted. This remittance resulted in a reduced fine for Tongaat Hulett, with famous brands receiving a discount, which Topham clarified as a fair decision to relieve the shareholders. The FSCA's objective with the fine is not only to penalize the company but also to hold the real perpetrators accountable. Topham emphasized that the investigations into the individuals behind the accounting irregularities are ongoing, with expected conclusions in the near future. Regarding the Steinhoff saga, Topham provided updates on the investigations against the individuals involved in insider trading and financial misreporting. He anticipates public developments within the next few months. Despite the extended timeline of these investigations, Topham highlighted that the complexity of financial fraud cases often leads to lengthy enforcement processes. While the duration may seem extensive, the FSCA is committed to thorough and meticulous investigations to ensure justice is served.