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Bail has been granted to five of Tongaat’s former directors, including CEO Peter Staude, on more than 20 counts of fraud. A former Deloitte partner is also out on bail, and is accused of failing to report irregularities.
Six former senior employees of sugar producer Tongaat Hulett Ltd (THL) and the company's former auditor, who have been implicated in a R1.5bn fraud case, were granted bail in the Durban specialised commercial crimes court on Thursday. Peter Staude, 68, Murray Munro, 55, Michael Deighton, 57, Rory
Tongaat Hulett shareholders also approved a massive rights issue, underwritten by a Zimbabwean family.
‘Shareholders are now faced with a highly dilutory rights issue which is actually going to facilitate a change of control’: Opportune Investments founder Chris Logan.
Former directors implicated in underhand practices as civil cases expected to begin in 2023