Tongaat claims R450-million from former executives

Sugar and property giant Tongaat Hulett has gone to court to recover R450-million from four former top executives, who resigned in 2019 over massive balance sheet fraud of around R11-billion, which crippled the company.

The Tongaat group also wants former chief executive officer Peter Staude and three other former high-flyers to repay the company’s Zimbabwean subsidiaries more than $9-million that they lost due to overvalued sugar cane sales.

More than 8 000 Tongaat Hulett workers across its subsidiaries in three countries lost their jobs as a result of the scandal, sparked by the discovery that company bosses had misrepresented earnings for property and other deals. 

Support the journalism that helps you navigate your world

Subscribe to the M&G today for just R30 for the first three months* to gain access to this story and all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Looking for another offer?

We make it make sense

If this story helped you navigate your world, subscribe to the M&G today for just R30 for the first three months

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Paddy Harper
Paddy Harper
Storyteller.

Related stories

WELCOME TO YOUR M&G

Already a subscriber? Sign in here

Advertising

Latest stories

How far can you drive on R800 worth of fuel?...

Libya - along with Algeria, Angola and Nigeria top a list of countries where you can travel the furthest in Africa

Fight for accessible Braille texts hinges on concourt ruling

Applicant BlindSA says the law limits or prevents those with visual and print disabilities from accessing information

One dead, four critically injured in California church shooting

This is the second mass shooting that took place in the US over the weekend

Maxime Mokom: The Central African Republic leader on trial at...

The Central African Republic anti-Balaka leader faces charges of war crimes and crimes against humanity at the International Criminal Court
Advertising

press releases

Loading latest Press Releases…
×