Tongaat Hulett releases 2022 financial statements as rescue plan extended
Do firms have to release financial statements, even when they’re in business rescue? ‘Yes,’ says the Companies Act. Tongaat’s BRPs have had difficulty releasing its statements as auditors wouldn’t sign off that Tongaat was a going concern because they’re unsure of how the business rescue process will unfold. Eventually, certain shareholders asked the CIPC to become involved. The JSE then decided to allow the unreviewed and unaudited results for the financial year to end March 2022 to be released.