The Financial Sector Conduct Authority (FSCA) has imposed a R20 million administrative penalty on Tongaat Hulett after its probe into the sugar producer found "significant" accounting irregularities. The sugar manufacturer found itself in the crosshairs of the financial regulator after it restated its 2017 and 2018 results. The FSCA found that the irregularities stretched over a period of six years before they were discovered. The watchdog initially proposed a sanction of R118 million. This was later reduced to R20 million because of cooperation from Tongaat as it sought to avoid further penalising "innocent" shareholders.