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Business Rescue

latest news & developments
High stakes: South African businessman Robert Gumede
BUSINESS RESCUE

The African duo entrepreneurs who saved Tongaat Hulett

South African billionaire Robert Gumede and Zimbabwean deal-maker Rute Moyo have joined forces through their Vision Sugar Group to rescue the beleaguered sugar giant Tongaat…

  • Sandile Motha
7 min read
Ghost towns: The mills in Tongaat, Maidstone and Felixton have fallen silent. Photo: Delwyn Verasamy
SUGAR INDUSTRY

Black capital saves sugar giant

A crucial agreement between the Robert Gumede-led Vision Group and the Industrial Development Corporation (IDC) has successfully halted the liquidation of Tongaat Hulett Limited…

  • Editorial
2 min read
The collapse of THL would have spelt disaster for the KZN economy and many other rural towns who rely on the sugar sector for survival.
SUGAR INDUSTRY

Business rescue practitioners and key stakeholders strike deal to save Tongaat Hulett

KwaZulu-Natal sugar giant Tongaat Hulett Ltd (THL) has been saved from liquidation after a binding agreement was reached between Business Rescue Practitioners, the Industrial…

  • Sandile Motha
3 min read
Strict bail conditions: Businessman Rafik Mohamed has been charged with fraud, theft and contravention of the Companies Act. Photo: Screenshot
ALEXANDRA MAGISTRATE COURT

Rafik Mohamed to remain in custody as court postpones bail bid

Former SA Steel Mills owner Rafik Mohamed’s bail application was postponed until 4 June and the case transferred to the Specialised Commercial Crimes Court

  • Nkateko Joseph Mabasa
2 min read
Greed has cost nearly 8 000 workers in Tongaat’s sugar division and its milling operations their jobs when the company moved to sell off assets and reduce its debt, while the firm and its suppliers sustained huge losses. (Dean Hutton/Bloomberg/Getty)
AQUIL RAJAHUSSEIN

Tongaat bidder appears in court over alleged fraudulent funding letter

The case was postponed to 10 June, when Rajahussen is expected to respond to allegations that RGS fraudulently submitted a R2 billion proof-of-funding bank letter as part of its…

  • Nkateko Joseph Mabasa
2 min read
BUSINESS RESCUE

Tongaat Hulett gets lifeline as court grants delay in liquidation bid

Tongaat Hulett has been granted a temporary reprieve from liquidation after the Durban High Court approved an adjournment, giving business rescue practitioners time to finalise a…

  • Sandile Motha
4 min read
Bitter impact: Tongaat Hulett’s liquidation will have a devastating ripple effect throughout not just KwaZulu-Natal but the entire country too, filtering right down to the consumer. Photo: Delwyn Verasamy
ACCOUNTING FRAUD

Tongaat Hulett collapse looms

Vision, the lead secured lender to the troubled sugar giant, said it was committed to saving the company and jobs despite the business rescue process failing

  • Brian Sokutu
5 min read
Many of the post offices around the country are run down and offer fewer services than previously. (Delwyn Verasamy/M&G)
BUSINESS

Please Mr Postman, deliver the cheque

In this financial year’s budget, Parliament did not allocate funding for the South African Post Office, which is waiting for a R3.8 billion tranche

  • Anathi Madubela
6 min read
(Delwyn Verasamy/M&G)
AIRLINE INVESTMENT

There is a place for SAA domestically, if it adopts the low cost model

The ‘old fashioned’ carrier is still struggling for passengers

  • Anathi Madubela
6 min read
The national carrier emerged from business rescue in 2021 and reported its first profit in more than a decade
AUDITOR GENERAL

SAA does not anticipate a clean audit soon

The national carrier told parliament that a final draft external audit report is expected at the end of May this year

  • Anathi Madubela
2 min read
Former Transnet chief financial officer Anoj Singh. (Photo by Papi Morake/Gallo Images via Getty Images)
AFU

Former Eskom executive and corruption suspect Anoj Singh ‘defrauded of R13.9 million’

Mahendren Munsamy, accused of stealing R420 million from FNB and Sasol, allegedly also stole from Singh

  • Khaya Koko
6 min read
For THL, an iconic South African company that employs thousands, its end is bitter and must be averted. Photo: Delwyn Verasamy
BUSINESS RESCUE

Scrap sugar tax, say canegrowers

The South African Canegrowers Association says the sugar industry is in crisis after Tongaat Hulett was put under business rescue

  • Anathi Madubela
6 min read
While Tongaat Hulett Pty Limited’s (THL) business rescue practitioners (BRPs) seek liquidation, parties opposed to the move have filed court papers to block it. (Delwyn Verasamy/M&G)
AGRICULTURE

KwaZulu-Natal grower consortium wants to buy Tongaat Hulett operations

KwaZulu-Natal grower consortium wants to buy Tongaat Hulett operations

  • Anathi Madubela
3 min read
Sweet nothings: Sugar cane farmer Pratish Sharma on his farm in Maidstone. He is anxious about being paid for cane he delivered to Tongaat Hulett after the company got into financial difficulties. Photo: Rogan Ward
BUSINESS RESCUE

Anxious wait for farmers as Tongaat Hulett money crisis grips

Next season is also under threat if sugar giant’s mills close

  • Paddy Harper
6 min read
Lost the plot: Tongaat Hulett diversified from its original sugar business to become one of the most important property players in KwaZulu-Natal. (Delwyn Verasamy/M&G)
BUSINESS RESCUE

Abandoning core sugar business killed off Tongaat Hulett

Departing from its core business, and having its fingers in too many pies, is what crippled Tongaat Hulett and ultimately left it open to massive fraud

  • Anathi Madubela
6 min read