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BusinessLive reports that sugar producer Tongaat Hulett has announced that the director responsible for overseeing its corporate governance has left the board.
The former JSE blue chip is in the midst of a scandal that could see it restate previously released financial information. Jenitha John, who has been a member of the board since 2007, chaired the audit and compliance committee. The resignation comes while the company is in the middle of a strategic and financial review. In its statement on Monday, Tongaat Hulett said the director had resigned due to work commitments and the fact that "current challenges" faced by the company increased demands on her time. Tongaat Hulett did not provide further details on the resignation of John, a chartered accountant. She departs as question marks abound over the credibility of the agriculture and agriprocessing company’s past financial information, most related to property sales conducted in the latter years of former CEO Peter Staude’s leadership.
- Read the full original of Siseko Njobeni’s report on this story at BusinessLive
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