Is the overstated amount in 2018 Tongaat financials.

failures and that there was likelihood that the institute would investigate John with regards to her role in the Tongaat Hulett matter.

“Ms John has been on the Tongaat Hulett board since 2007, which covers the bulk of the period when the financial reporting of irregularities at Tongaat took place. During this period, she was the chairperson of the audit and compliance committee at Tongaat Hulett,” he said.

Duvenage said they also believed there was a glaring question of a conflict of interest in John’s appointment at IRBA since they believed IRBA should be investigating the auditors of Tongaat Hulett for the financial reporting irregularities, a matter in which she was directly implicated.

He also raised particular concern over the “apparent rush” to replace current CEO, Bernard Agulhas, with John by today, ahead of the envisaged appointment date in June, and to do so without a handover.

Duvenage said that unless there was a substantive reason why Agulhas who, after 11 years at the helm was being hastily removed, they could not understand why his experience was not being utilised during a reasonable handover period, as this would ensure the sharing of important institutional knowledge.

“Failing pressing reasons to remove [Agulhas], suspicion about possible ulterior motives behind this appointment remains,” he said.

Mashudu Mautha, Mboweni’s spokesperson, acknowledge receipt of request for comment but was yet to respond.

According to Duvenage, appointing a CEO implicated in irregularities would not only be highly inappropriate, but would also cause significant reputational damage to IRBA.

He said IRBA needed impeccable, untarnished leadership and John’s hasty appointment would do it no favours.

The organisation urged Mboweni to halt John’s appointment and institute an investigation into her background, as well as the reasons that her track record apparently was not considered. –