Tongaat Hulett is clearly trying to do right by shareholders, who have been left in limbo since the group suspended trading in its shares in June after uncovering glaring discrepancies in its accounts. It's gone as far as naming those who were responsible for what appears to be some creative accounting meant to flatter profit - and incentive bonuses. And it wants some of that cash back.

The group always appeared to be a little more resilient than fellow sugar producer Illovo due to the vast tracts of land it owns and develops for sale in KwaZulu-Natal, which often provided a cushion when its sugar cane operations weren't doing well. Now it appears that land sales may have been accounted for before they actually took place.

Meanwhile, Stefanutti Stocks claims that payments made to a company that may have been a front for a slush fund for some Eskom executives were done in good faith to help upgrade a secondary school in Limpopo as part of its Corporate Social Investment programme.

More on those stories in today's newsletter, along with an update on Investec's plans to list its asset management business. Meanwhile, Cell C isn't taking any calls from Telkom after spurning its merger advances. And Phumelela Gaming and Leisure has warned that the local horse racing industry is in danger.

In The Week Ahead, Chris Gilmour looks back at the news that's shaped the market over the past week, including Tongaat's latest disclosure, and what lies ahead this week.

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I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

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