Sasol - Confidence takes a knock
Ingham Analytics say that Sasol shareholder confidence in Sasol management has worn thin. This, they say, is mainly because of a history of cost overruns on its enormous Lake Charles Chemical Project (“LCCP”) in the United States. An independent external expert review of the LCCP project was undertaken to unearth why controls and financial forecasting have been weak. Consequently, annual results will now be delayed for a month, which Ingham Analytics say is an unprecedented decision. They also point out that as the company is being audited by PricewaterhouseCoopers, the auditor will need to consider these findings and the consequences thereof, both managerial and financial.
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