Tongaat Hulett scandal raises more red flags about governance in corporate South Africa

editor's note the opinions in this article are the authors as published by our content partner and do not represent the views of MSN or Microsoft corporate South Africa has long prided itself on its sophistication governance ethos and commitment to the highest global standards of accounting in transparency a strong corporate culture and deep in liquid financial markets for years sets south-africa apart from many of its emerging market peers that is starting to unravel with Tonga Hewlett the latest South African company to signal that it will have to restate profits because they were not up to scratch first time around when sugar producer Tonga Hewlett produced its financial statement for the year ended March 2018 the company had the usual spiel about the quality of the reported results the summarised consolidated financial statements for the year ended the 31st of March 2018 have been prepared in accordance with the JSE limited listings requirements for provisional reports the framework concepts in the measurement and recognition requirements of international financial reporting standards IFRS BSA ica financial reporting guides as issued by the accounting practices committee financial reporting pronouncements is issued by the financial reporting standards Council and is a minimum contains the information as required by international accounting standard 34 interim financial reporting them the requirements of the Companies Act of South Africa almost no one bothers to read such sections which are basically like a guarantee of quality in financial reports but there is a lot packed into this if one takes the trouble to go through if for one the statements we are told comply with JSC requirements for provisional results and there is a lot more impressive sounding gobbledygook thrown in here international financial reporting standards IFRS are invoked as ur domestic reporting guidelines the Companies Act South Africa also gets an honorable mention so investors have an assurance that the numbers have been crunched properly and everything is in order Tonga also noted that these summarised consolidated financial statements which have been derived from the audited consolidated financial statements for the year ended the 31st of March 2018 and with which they are consistent in all material respects have been audited by Deloitte and amp Touche so here is another assurance of quality one of the big global auditing firms has been through the books no need to worry folks and a dividend will also be paid then a curious thing happened last week it seems that all of this compliance and presumably attention to detail and devotion to IFRS and the sign-off by Deloitte and amp to shame missed a few things on Friday tongkat said it would need to restate its 2018 financial results based on the sobering assessment of a review which remains ongoing the review has revealed certain past practices which are of significant concern to the board and the company's auditors these past practices appear to have resulted in financial statements that did not reflect Tonga Hewlett's underlying business performance accurately the company said in other words it's 2018 results were smoke and mirrors the estimated reduction in the amount reflected in the 2018 financial statements as the company's equity is that the first of April 2018 is anticipated to be between our 3.5 and our 4.5 billion the adjustments are of a non-cash nature and relate to the reassessment of land sales against the revenue recognition criteria defined by international financial reporting standards in the Associated profit margins it said so the equity on its balance sheet will be cut by somewhere between our 3.5 billion and our 4.5 billion as miz's go this one is pretty big once the forensic investigation and report findings are complete and the final accounting treatments are resolved by the company the auditors will then complete the outstanding audit processes tonga said the company will likely come with all of the same assurances that were included in the company's previous financial statements presumably it expects to be believed this time genophage on the audit and compliance chair of the Tong Gap word stepped down last week owing to other work commitments and targets increased demands on her time given the current business challenges investors must be furious business day quoted Chris Logan of opportunist monastics ecute if bonuses should be repaid if it transpires they were the product of inflated in other words fraudulent profits a reckoning of some sort seems to be looming this latest accounting scandal is clearly a black eye for South Africa's corporate sector which likes to portray itself as doing things by the book rather than cooking the books it comes in the wake of the Steinhoff debacle which is on a far more massive scale in KPMG's was in the sordid state capture saga public sector corruption is widely seen as a major drain on Africa's most advanced economy which is why the country ranks 73 out of 180 on Transparency International's Corruption Perceptions Index but for a long time investors who sank money into publicly listed companies on the JSE generally had confidence that the performance of their investments was reflected accurately in financial statements and results if question marks are being increasingly raised on this front some investors may begin to shy away from the JSE which has to be one of the focal points of any investment drive there have been other worrying signs in this area the Institute of Internal Auditors South Africa released the sixth edition of its corporate governance report noting that the trading has decreased to its lowest overall scoring since inception in 2013 from 3.2 to 2.8 and 2018 so the accounting scandals point to wider problems with south-african corporate governance the silver lining here is that accounting or reporting irregularities are being spotted even if it is after the fact and corrective action is being taken Corporate South Africa has to hope that the rot from a few bad apples doesn't spread but it may need to take some tough measures itself if it wants to maintain its reputation for transparency good governance and keep owned of the key competitive advantages it has long enjoyed over developing economy Perce DM the real catch me if you can counterfeit and other fakers who made a fortune provided by love money you

Governance Minute: Shared Governance: Myths and Tips

the concept of shared governance has been for decades and so have the myths surrounding it for example shared governance means that the board the president the administrators and the faculty have an equal say in every decision or this one shared governance means that the faculty can exercise veto power over board decisions or this shared governance slows down the decision-making process none of these is true but still boards often struggle to find ways to implement shared governance while fulfilling their authority and meeting essential deadlines if that's something you're concerned about here are two tips first use strategic indicators in dashboard data to track basic financial information the goal here is to give wide access to the information you need to make decisions while also freeing up time for plenty of discussion second remember that shared governance doesn't mean that every group on campus gets to weigh in on every decision as an example at most schools faculty exercise primary responsibility for curriculum issues while the board offers oversight but on budget issues the board usually has the primary responsibility while faculty may have an opportunity for input in the end the goal of shared governance is this trustees administrators and faculty are on the same team and they work simultaneously but not with the same governance rules for the good of the institution

'Popular' German politician killed after being shot in head outside home

Walter lucky 65 was discovered in his garden in the early hours of Sunday morning with a gunshot wound to the head that was fired at close range prosecutors have said a motive has not yet been established suicide has been ruled out mr. lucky was a member of the center-right Christian Democratic Party and was a regional leader for the city of Cassell he served in his role for ten years and was described by the Regional Council as a popular and extraordinarily approachable man in late March a 65 year old was nearing the end of his leadership term but this was eventually extended after a request that was accepted by state premier Volker bouffier the Regional Council paid tribute to the major changes mr. lucky brought the castle throughout his down-to-earth open and binding approach and said it was bewildered and shocked by news of his killing he leaves behind his wife and two adult children in 2015 mr. lucky publicly supported allowing refugees to settle in Germany and told anyone who opposed this that they were free to leave these comments which were made at a town hall meeting in low Feldon led to him being given temporary police protection after he received threatening messages but prosecutors on Monday said no connection to the current crime according to our knowledge has been found sobbing throughout the head of hesse state criminal police added this first phase after the crime is very decisive for the success of the investigation we don't want any speculation to endanger the investigation a special commission consisting of 20 police officers has been launched to work on the investigation more news

Ayelet Shaked interview English (Israeli female politician right wing nationalist jewish home)

are there any parties that are running in this election that you would consider anti-zionist and some of the Arabs parties I know the herbs they all get together and some of them are anti Zionist not all of them at some of them and specific candidates around the Zionists I will not say that there is a one party but specific candidates in the Arab parties are anti-semitic who like honey swamp for example hey what makes her anti Zionist she doesn't believe in a Jewish in democratic state she cooperates with a terror organization on the Marmara she called – you know for a round battle against as well so she's anti Zionist what about legitimate criticism of Israeli government policy where does legitimate chrism criticism cross the line into anti-zionism first of all you know criticism is legitimized you know we have a democratic Free State and everyone can say whatever they want it's just if someone say anti-zionism a sentence we just want that the public will know about it for example if the hobo rule from Mohammed Sione or Yossi ona from the Mohammed Sione design Union yeah designers Union if they are saying we are not Zionists then I just want it's allowed you know they can say it I just wanted is where the public will know about it I've got a better broad like the boycott divestment and sanctions movement would you say that's anti Zionist or is that legitimate protest no it's normal non legitimate at all I think you know to boycott Israel because of its policy and because it will want to defense itself it's not only anti Zionist you know in my perspective it's even should be illegal by the way I'm not bothered by not boycott anyone I think you know we should we should keep on a free free discussion and to hear the opinion of everyone and I think that the BDS movement movement abroad they are not really just not talking about Judea and Samaria or the West Bank they are just you know trying to hate to harm the legitimation of Israel as a Jewish and democratic state and what they are doing it's not just the legitimation against Israel the motivation is totally anti-semitic see new anti-semitism in the 21 century and you actually accused Hillel the Jewish campus life organization of being a platform for BDS and of posted isms do you still stand by that statement it's not that I'm accusing Gillan halay is a very very important organization to the Jewish community in the United States and to Israel first of all I want you know that that will be clear it's a very important organization but some of the BDS arms you know there succeed to cooperate with some of the videos with some of Hillel cells in the indie universities so I thought I just want that Hillel management will be aware and be no careful that the BDS movement will not inject – delaila cells and university let's look at your party's annexation policy in the West Bank now caballo UD is against the establishment of a Palestinian state now it does propose annexing Area C of the West Bank which in this map from your party's platform is marked in the blue right area correct and that also includes providing Palestinian citizens in Area C with full civil rights right now does that include voting in Israeli elections right and what about the Palestinians living in areas and be marked on this map by the brown and orange areas what does your party propose for the two and a half million Palestinians living there so of course we need to know to do some fixed border but in general in area a and B we said that it should keep and have autonomy and like they have today and I don't know maybe some sometimes in the future it will be a part of configuration with Jordan I will want to know to say a number that not everyone knows in Jordan today seventy five percent of the population are Palestinians seventy five percent so there is already a Palestinian state the folder also Palestinians in Judea and Samaria so I think that in the end a kind of Confederation can be an option by the way you know that around us all the nationalities state that they know there are in the Middle East like Iraq and Libya and Syria they all collapse right now surround us in Middle East there's totally chaos I'm not willing to give up on my land for these skills and I think that you know we should put on the table another option for the two-state solution and this is one of the options would the Palestinians living in areas a and B then be citizens of Jordan would they be citizens of Israel or away with a be citizens look it's not very right now we don't want to finalize all the details but of course we should you know take care of like either an autonomy or a configuration with Jordan I'm just saying that we know what will be in Area C Area C will be part of Israel there are 370 thousand Jews there there are 170 90,000 Arabs there they will all get full citizenship we don't see any issue with that with area a and B we should we leave it to the future to decide

Kommunist Party Politics in Alaska

hello ladies and gentlemen of district 31 my name is Daniel DiNardo I'm standing for election to the House of Representatives for the state of Alaska and i'm a member of the Alaskan Independence Party on one of the few bona fide members of the Alaskan Independence Party which is really an association it's the only group of Alaskans that are not incorporated if you don't believe in communist corporations all corporations are communists 'ok capitalism is communist if you don't believe me read Marx's Das Kapital read the writings of Lenin all this corporate structure all this perpetual debtor-creditor relationships in this society means one thing communist corporation ISM what I want to talk about briefly is the financial crisis that you see in the press on your TV that's starting to take up a great deal of your mind and destroy your peace of mind because see this has been many decades in the making ever since 1982 in fact the plan was to eventually crash the markets the equity and the commodity markets and to throw tremendous numbers of people out of work worldwide to confiscate all property in the world and that's exactly what's taking place through the Communist controlled Federal Reserve and all of its minions like Bernanke and Greenspan and the bushes and all of these communist politicians and remember something all these politicians that are performing these acts willfully all belong to communist corporations the Republican group is a corporation the Democrats are a corporation that all corporations are communists 'ok if you have any basic understanding you will understand what I'm talking about where I suggest strongly did you do some research on your own particularly reading the writings of Lenin he will explain it to you very clearly that that's why Communist Party members refer to each other as corporators that's why they have all the guards that's why they always had a sin banking system exactly like the United States England France Germany you name it they all have the same central control for perpetual debtor creditor system now what you see being worked out in front of you is in fact the largest confiscation of property in the history of the world all this legislation it's going down right now in the emergency basis is just like the legislation that you saw in 911 that took away all of your freedoms all of the Justice didn't ever you could ever seek in these so-called courts it has now been obliterated all of your rights and property are now permanently obliterated this is a total change in what I would refer to as criminal globalism this the final ensconce encoding into power a body of business practices and principles based on the communist dialed mark marxist-leninist dialectic it's called the international law merchant I advise you to do some research so that you understand the new world order that you're going to be living in and that you've been actually living under it for quite a while but they depend on crises to make fundamental and important steps forward because in crises there is no resistance and your so-called elected representatives representing the corporate communist parties they are able to do what Stalin in bahria and Lenin and Trotsky and all these communist party members primakov Gorbachev Yeltsin Putin Medvedev there are all corporate communist politicians and they're very adept at it nobody in the world is better than the Soviet capitalist because they are the ones that were the really the first to bring it to its full bloom and you saw it through the historical record you know it's something that's occurring right now the murder of tens of millions of human beings to achieve their ends if it's not the murder that is the incarceration and perpetual torture of human being such as yourself your family your friends your extended family and prepare yourself for it because there's no way you can avoid it the only way is through a revolution to reestablish republican principles and that's what Daniel DiNardo plans when he enters the legislature is to call for a constitutional convention to overthrow the communist movement sponsored and manipulated by the international bar association by the international bankers by the international corporations in all of its many forms and you tell me do you work for a corporation do you belong to a corporate party the ninety-nine point nine percent of your purchases come to a corporation through corporations make ninety-nine point nine percent of the products you consume you better believe it that's why you're getting cancer that's why you suffer such anxieties because you do not understand the fundamental principles and our forefathers starting back in the 17th century with the pilgrims all the way through 1789 into the American Civil War and it died after that Civil War that's when the Communists bankers party took over this country and basically took over the world what I'm going to do in my next seminar based on these same principles is teach you what is going to be happening what you need to do in order to increase your wealth to get out from under it and prepare for an independent republic in Alaska and to take up the responsibility that you are charged with I will talk to you again immediately so please stay tuned to youtube and tune in thank

Chandrababu Revealed The Actual Reason Of Failing In Ap politics | Ysrcp,Ys Jagan,News220

Tana no Kelsey was a Iran Cuba Donatella thought Chandrababu Naidu oka depressed Naruto Naruto manic el pasad demon cannot verdict when I yep a denisita theater would apothem and khuda Antonov a shock Connie identi Morita gauranga would PO Dhamma ycp keynote IRB of caseta was they TDP key cable of array Medina and too precious to Narada channel otona Chandra Babu take a bath apart on errata they shambleau yak Italian vedanga new Tom open shame Apotheker Amal Jason Kidani I do go to Narada Hyneman Apollo Gennaro ant Acosta pitama a piranha anta gauranga wound on to Camilla Pathan errata Eva SHINee Jackie a median a ramekin drop right syringe in a car battery nijam an and coil assembly any colorful terrified Chandra Babu and Colo Hunter Madonna Madonna in the water me ba the car the carving war define a banana made Chara bother of enduring Chandra Babu take a fillet both Anuradha then a beggar cahuachi novel Anthony then a piranha lo eat carrot apple Jerry gallo chip Imani are go to Nevada musta made our interim shala valid TDP gauranga would binary rata makanga chandra babu and co thre de mo that is name of Pavan Kalyan character rendered a Mardi kasama salata Bhavan Portillo want a property with Rekha wattle chili pose iron and Cunha Kearney Chandra Babu power okay Diana by CP pressure Annie general Ibaka on America on the connect power and comparison of what Lakota by CP capita and tilter Genesee anabolic Aneesa Maupin eh cover gallo TDP key Bari ganache tangerine Danny somehow a sham lo Delta Y in the can take guilty of I say pay a Bethel a kabocha a major taken a genocide a cop Edina would lay a Koga TDP good thing Jeanie iike are the Cabana rule of Ashiya block khuda gawah page cover galore TDP baaga ben kappa typo in dental char more d kc at the north of TDP of Beth Rocco are the Cabana rule on the Kunda Vice API decorum law such as irony Chandrababu and Kobe Bryant watch our TDP Katrina and occurred on top are to buy CP Mottram daraa landed upon Okarche Jason and carotid sharp than 30 repeat gorup raja antique car Nara Chandrababu deltas are it a Telugu Desam Party Corrine develop an elope resolve Odessa Pratham iike avasara no nearby Germany have a protector Hoda Polavaram project to put to tear up Hyderabad now Ronnie Kumari Rajat Annika cooperhog in canto Coppa delle caramel okra manga we swanigan amaravathi let me interrupt Dina keep on going no Dana Nara Chandrababu Naidu Mookie Mantega one dollar need TDP Nick Gilpin sharp Danica Keynes Asaka I'm wounded of cows Romani Allah Allah South Amer parity done in Navarre in tourniquet Jana Sena addiction Pavan Kalyan a token running he too rushed on a pristine chakra Danny pressure of BA Vinci pdp-bjp genocide a mighty ganga karen sharpe bar in a guillotine sharp an taketh me coach a takaka both my yet jagged mo hundred in a Catalonia vise apt quota of the tangka waterways a locust automata theory Otto Palomino Pacific Schengen el perro Rosella door additional prop the car Agnetha no never a good thing shall a second 44-yard any nearest Ronnie J Luka will add any Eli chibuto why cpma Laila by pop up to Palazzo voila no cobble in chat panel opportunity deepen Nagatani CUDA Roger Luke dementia lado inoko attorney mention a good mark America delay errotica Jota sadhana whole hour and near mana Amaravati nil madam chairman a TDP BJP nickel apiece take Chandra Babu cheese happening by CPM Malayalam MP Ella no coupling Chatham Lomu nipa natte TDP derasa tundra party chair la taupe Telangana OTRS Cesana Mandela Sabini the scarring Tatanka chasin after Agatha Navin chair of were token o2k cigar Roopa the de coca una de moon soo canary pointer to Hyderabad Amadeus nitrogen of poetess are Chandra Bob Ha Na da obe a rock star at Telugu progr Luke Sandra Bob lon Anita kata Raja kakouton whooping sharp