Haco accounts fraud costs SA parent Sh312m

The R106 million (Sh768.5 million) accounting manipulation at Haco Tiger Brands plunged the company into a loss that has been shared by its owners — South Africa-based Tiger Brands and Kenyan business tycoon Chris Kirubi.

The Sandton-based multinational says the accounting fraud, in the form of pulling forward sales and falsification of stocks, cost it R50 million (Sh312 million) at a group level as the subsidiary sunk into an undisclosed loss in the year ended September 2015.