JSE to appeal High Court order to review penalties imposed on former Tongaat CFO
The JSE has applied for leave to appeal the North Gauteng High Court's order, issued on April 20, that the stock exchange review its decision to impose a public censure and penalties against Murray Munro, who is the former CFO of distressed sugar miller Tongaat Hulett.
On April 18, 2023, the JSE announced that it would impose penalties on Munro, including a public censure and a fine of R6-million, as well as immediate disqualification from holding the office of a director or officer of a listed company for a period of ten years.
The JSE alleged that Munro’s actions directly resulted and/or contributed to the restatement of Tongaat’s previously published financial information that did not comply with International Financial Reporting Standards and was incorrect, false and misleading in material aspects.
The penalties were implemented for his alleged failure to fulfil his duties and responsibilities as the CFO with the necessary due care and skill.
On January 28, 2025, Munro applied to the court for an order that the JSE's decision to impose the penalties be reviewed and set aside.
He simultaneously asked the court for an order that the decision by the Financial Services Tribunal, which dismissed his application for the reconsideration of the JSE decision to impose the penalties, be reviewed and set aside.
The tribunal had dismissed the reconsideration application on July 31, 2024.
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