The long-running Tongaat Hulett fraud matter returned to the Durban High Court this week, with seven accused appearing on charges linked to alleged financial misrepresentation involving approximately R3.5 billion.
Peter Staude, Murray Hector Munro, Michael Edward Deighton, Rory Edward Wilkinson, Kamasagrie Singh, Samantha Shukla and Gavin Dykes Kruger face charges of fraud. They are also charged with contravening the Financial Markets Act, the Companies Act and the Prevention of Organised Crime Act (POCA). Kruger faces an additional charge of contravening the Auditing Profession Act.
Background on Tongaat Hulett
Tongaat Hulett Limited (THL), which is listed on the Johannesburg Stock Exchange, has several subsidiaries. One of these is Tongaat Hulett Developments (THD), a property development company based in KwaZulu-Natal. THD facilitated investment in the region through land conversion activities across various sectors. A major portion of its business involved the sale of land to prospective buyers for development. Revenue from these land sales was reflected in THL's consolidated annual financial statements.
Allegations of misrepresentation
The National Prosecuting Authority alleges that between March 2015 and September 2018, the accused acted in common purpose to misrepresent to THL, its employees, creditors, shareholders and others that the revenue derived from land sales was correctly valued and properly reflected in the financial reports. In reality, the state claims, sale agreements had been backdated. This allegedly resulted in incorrect profits being declared and managers receiving substantial bonuses.
Case postponed
The matter was scheduled for a pre-trial conference. However, the state requested a postponement to apply for a fresh racketeering certificate in respect of Kruger. A panel has been arranged for the National Director of Public Prosecutions to hear the application between 6 and 9 October 2026.
The case was postponed to 18 March 2027 for a pre-trial conference. All the accused remain out on bail.