The original article can be found here.
Article highlights
- Tongaat Hulett is chasing its former management team to recover about R462 million in total.
- It is suing former CEO Peter Staude, former CFO Murray Munro and former finance executive Sean Slabber for salaries, bonuses and perks they received. Munro, Staude, and others have been charged with racketeering and fraud relating to 69 purchase and sale agreements involving R3.5 billion.
- The court pleadings describe billions of rands worth of misrepresented land sales. In some cases, the sales were allegedly completely fictitious; in others, fallow land was allegedly hugely overvalued.
