Sugar producer Tongaat Hulett has been ordered by the Financial Sector Conduct Authority (FSCA) to pay a R20m administrative penalty. The FSCA has concluded its investigation and determined that Tongaat had breached the provisions of Section 81 of the Financial Markets Act. The breach relates to the misrepresentation by Tongaat of its financial performance in prior years, which resulted in the restatement of the results for its 2017 and 2018 financial years.
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