Bruce Williamson: Tongaat hit by "perfect bad news storm", probably not fraud

The chief investment officer of Integral Asset Management, Bruce Williamson, has been a long-time follower of KZN's iconic and now embattled corporation Tongaat Hulett. The veteran analyst, who has held senior positions at stockbrokers SBC Warburg, ABN Amro Securities and Imara Asset Managers (whose team left to form Integral), reckons investors should have paid more attention to the "perfect storm" of bad news that has knocked Tongaat over the past couple years. He supports the view of many that long-time CEO Peter Staude is a most unlikely fraudster - and says he would be shocked to discover the man he knows really well played any role in misleading investors. He spoke to me on Rational Radio. - Alec Hogg