Former Tongaat Hulett executives back in court for fraud case
Seven former Tongaat Hulett executives are returning to court on Monday to face charges in a multi-billion-rand fraud case.
"They face charges of fraud amounting to approximately R3,5 billion, as well as charges of contravention of the Financial Markets Act, Companies Act and Prevention of Organised Crime Act," says the NPA's Natasha Kara.
"The case was previously adjourned for service of the indictment and for the matter to be transferred to the High Court."
READ: Trading in Tongaat Hulett shares suspended
Former CEO Peter Staude and six others are accused of backdating land sale agreements between 2015 and 2018.
As a result, the company declared inflated profits, which allegedly saw the suspects pocketing huge bonuses.
They were granted bail in February.
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