In order to rise from its ashes, a PHOENIX must first BURN”
A Story of Hope and Revival
In May 2019, THL announced that its audited financial statements for the 2018 financial year could not be trusted and would need to be restated following a 6 month forensics review by consultancy PwC. The business requested that its JSE and London listings be suspended due to concerns regarding possible accounting irregularities.
By March 2020 Tongaat Hulett Limited’s (THL) fortunes had reversed significantly. It had successfully reduced its debt burden by more than R6bn; had undergone a corporate shakeup and had made substantial progress in implementing its ambitious financial and corporate governance turnaround strategy. But what had gone wrong? Who were responsible and what actions were taken? What red flags were missed?
Join us as THL tells its side of the story and how it is manoeuvring a challenging environment facing some unique threats and opportunities that will impact its road to recovery.
Meet our Tongaat Hulett Storytellers
- Facilitator: Qiniso Mthembu – CRM Prac, Senior Enterprise Risk Manager, Johannesburg Stock Exchange
- Rob Aitken – CA(SA), Chief Financial Officer, Tongaat Hulett
- Gavin Hudson – MBA, Chief Executive Officer, Tongaat Hulett
- Michelle Jean-Louis – CA(SA), Business Assurance, Tongaat Hulett
- Johann van Rooyen – BProc MBA, Company Secretary, Tongaat Hulett
- Sean de la Rosa – DCom, Chief Risk Officer, Tongaat Hulett
Join us as THL tells it’s side of the story and how it is manoeuvring a challenging environment facing some unique threats and opportunities that will impact its road to recovery.
Date: 30 November 2021, 08:30am – 11:30am
- Once Upon a Time: A proud heritage.
- Down the Rabbit Hole: A story of greed and negligence.
- The Crown Jewels: Why THL is special.
- The Experts: Results from the forensics review and what the market commentators had to say.
- Fixing the Rot: Lessons learnt from implementing the turnaround strategy.
- Tongaat Hulett’s current reality: Current threats and opportunities faced.
- A Rise from the Ashes: THL’s plans, ambitions, and emerging risks.
- Close: Tying up the loose ends.
Members: R425 ex VAT | Non Members: R550 ex VAT