Sunday 13 February 2022


The state has charged six former Tongaat Hulett directors — including ex-CEO Peter Staude — of working together to commit fraud over a three-year period, which resulted in the company losing about R1,5 billion.

They face 19 counts of fraud and an additional three counts for contravening the financial markets, companies and prevention and combatting of corrupt activities acts.

Last Thursday, the Durban Specialised Commercial Crimes Court granted bail to Tongaat’s former directors, including Staude, as well as former Deloitte partner Gavin Kruger (56).

Staude’s co-accused are former CFO Murray Munro (55); former managing director of Tongaat Hulett Developments (THD) Michael Deighton (57) ; former THD planning director Rory Wilkinson (50); as well as two other executives, Kamasagrie Singh (56) and Samantha Shukia (50).

The state further said the accused’s “common purpose” was in place just before and during the fraud, which is alleged to have taken place between 2015 and 2018.

The case against the seven goes back to deals to sell and buy 69 properties, between 2015 and 2018, through THD.

It is alleged that the group overstated the value of the deals in Tongaat’s financial records, and lied that proper accounting procedures had been followed in determining the revenue on the deals. —


Post a Comment