Investec apologises to Tongaat CEO over analyst quit call

Investec apologised to the chief executive officer of South Africa’s biggest sugar producer after an analyst from its research unit said Peter Staude should resign because of the “appalling” financial results of the company.

Anthony Geard said in a note to clients that Tongaat Hulett has had a decade of poor performance and after full year results that missed projections “we think its time for the CEO since 2002 to step aside.” The note was reported on earlier by the Business Day newspaper.

“This is not the view of the Investec Group,” the Johannesburg-based bank’s spokeswoman Ursula Nobrega said by email. “To the extent to which it has caused embarrassment to Mr Peter Staude, with whom we have had a long and fruitful relationship, we apologize.”

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