The Editor's Desk: Tongaat and companies run by and for managers
BizNews — As the details of the alleged accounting fraud at Tongaat Hulett emerge, former Tongaat executives are being targeted for criminal and civil charges. It’s refreshing to see managers being held accountable for their actions – all too often they seem to walk away unscathed, leaving pain and loss in their wakes. But it’s also a reminder of what RECM’s Piet Viljoen reminds us of: the danger of companies run by managers, for managers. In this episode, Alec Hogg and Felicity Duncan discuss the Tongaat scandal and its fallout and take a look at why so many companies seem to operate with so little accountability. They also take aim at South Africa’s institutional fund managers, who seem to be asleep at the wheel.