TONGAAT HULETT LIMITED - Enforcement of censure and penalties on Mr Murray Munro, former CFO of Tongaat

Enforcement of censure and penalties on Mr Murray Munro, former CFO of Tongaat

GEN – General – Tongaat Hulett Limited
Enforcement of censure and penalties imposed by the JSE on Mr. Murray Munro, the former Chief Financial 
Officer of Tongaat Hulett Limited ("Tongaat" or "Company")

The JSE hereby informs stakeholders of the following:

1.	Stakeholders are referred to the SENS announcement dated 18 April 2023 wherein the JSE imposed a 
	public censure and penalties against Mr. Munro. 

2.	In brief, and pursuant to its investigation, the JSE decided to impose the following penalties on Mr. 
	Munro: 

	2.1	A public censure and a fine of R6 000 000 (six million rand) for Mr Munro's actions which 
		directly resulted and/or contributed to the restatement of Tongaat's previously published 
		financial information which did not comply with IFRS and was incorrect, false and misleading in 
		material aspects; and 
	2.2	Immediate disqualification from holding the office of a director or officer of a listed company 
		for a period of 10 (ten) years for failing to fulfil his duties and responsibilities as the Chief 
		Financial Officer with the necessary due care and skill. 

		("the JSE Decision")

3.	Mr. Munro disagreed with the JSE Decision, and on 24 February 2023, Mr. Munro applied, in terms of 
	section 230(1) of the Financial Sector Regulation Act, to the Financial Services Tribunal ("FST") for the 
	reconsideration of the JSE Decision (the "Reconsideration Application"). On 31 July 2024, the FST 
	dismissed the Reconsideration Application.

4.	On 28 January 2025, Mr Munro applied to the Gauteng High Court, Pretoria, for an order that the JSE 
	Decision, as well as the FST's decision to dismiss the Reconsideration Application, be reviewed and 
	set aside ("the Review"). The Review was not directed at the merits of the JSE Decision.

5.	On 20 April 2026, the Court ordered that the matter be remitted to the JSE. 

6.	The JSE has applied for leave to appeal the Court's order. 

13 May 2026












Date: 13-05-2026 11:04:00
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