The Financial Sector Conduct Authority (FSCA) has imposed a fine of R118m on agriculture and agri-processing business Tongaat Hulett for misrepresenting its financial performance.
Waldo Swiegers
However, the authority considered Tongaat's application for the remission of the fine and reduced it to R20m, inclusive of investigation costs. It said the current Tongaat management gave full co-operation during the investigation and enforcement process and accepted that the company had contravened the Financial Markets Act.
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