THE HALFAX HEIMDALL AUGUR

Tongaat Hulett escapes liquidation, saving at least 250 000 jobs | The Citizen Home»Business ByTshehla Cornelius Koteli Business journalist 3 minute read 17 June 2026 04:38 pm Picture: Gallo Images Tongaat Hulett, South Africa’s century-old sugar giant, has been saved from liquidation at the 11th hour, saving at least 250 000 jobs across the country’s sugar industry value chain. Tongaat Hulett’s business rescue practitioners, the Industrial Development Corporation (IDC) and the Vision Group of companies were able to strike a deal that will save the historic sugar producer from collapse hours before the Durban High Court was due to hear a liquidation case on Wednesday. The court granted the business rescue practitioners leave to withdraw the liquidation application. In a joint media statement, the parties outlined that the agreement will see the IDC become a significant shareholder in Vision companies across South Africa, Zimbabwe, Mozambique and Botswana. In addition, the IDC will extend Tongaat Hulett’s post-commencement finance (PCF) facility to September 2026, providing continued liquidity to support the company’s operations while the business rescue transaction is i…

TONGAAT HULETT LIMITED; TONGAAT HULETT DEVELOPMENT ENTER BUSINESS RESCUE IN SOUTH AFRICA - Tongaat Hulett Tongaat Hulett (“Tongaat” or “the Company”) today advised shareholders that the Board has commenced voluntary business rescue proceedings for two operations in South Africa, Tongaat Hulett Limited and Tongaat Hulett Development Proprietary Limited. These operations are planned to move ahead under the business rescue process. The Board believes that business rescue is the most responsible step in the circumstances. Business rescue is a legal process governed by the Companies Act. The Board believes business rescue should potentially result in a better return to stakeholders than a forced liquidation. Tongaat has faced significant challenges following years of high and increasing debt levels, alleged financial misstatements and historic mismanagement under previous leadership. The new leadership team and Board have worked tirelessly since 2019 on delivering a comprehensive turnaround strategy. Good progress was made on a variety of fronts, including realising cost savings and improving available funding. Debt, specifically, has been reduced by more than R6.6 billion from a hig…

Robert Gumede's last minute deal could save Hulett from collapse. By Loni Prinsloo and S’thembile Cele. Vision Group is in talks with the Industrial Development Corp. to take an equity stake in sugar refiner Tongaat Hulett in exchange for additional funding. The deal would see additional capital injected into the business and assist the 134-year-old sugar producer’s effort to avoid liquidation of its largest assets in South Africa, Vision Group shareholder Robert Gumede said in an interview. IDC could also take equity across the group, which includes operations in Zimbabwe, Mozambique and Botswana, as well as in the South African business, he added. Vision Group bought R11.7 billion in debt from Tongaat’s lenders and is in talks with the government to assist with regulatory changes to ensure the sustainability of the country’s sugar business, said Gumede. South Africa recently agreed on a plan to not only rebuild industry, but to also diversify into offerings including biofuels to protect farmers against challenges such as price fluctuations. Once certain changes are in place, and if an agreement can be reached with the IDC, Vision Group will also put money into the equity side of…

Tongaat Hulett to Cease Operations | Business explainer Share Facebook Twitter LinkedIn Pinterest Email The business rescue practitioners for Tongaat Hulett have sought court approval to end the company’s rescue proceedings and initiate provisional liquidation, marking the end for the 134-year-old South African sugar producer. The practitioners determined that all viable options to preserve the firm had been explored without success, leading to the application filed with the KwaZulu-Natal High Court. Established in 1892 through the merger of predecessor entities with origins tracing back to the mid-19th century, Tongaat Hulett has long been a cornerstone of South Africa’s agricultural sector. The company entered business rescue in October 2022 after revelations of significant accounting discrepancies, inaccurate financial reporting, and lapses in oversight by previous leadership. These issues resulted in the erosion of approximately R12 billion in shareholder equity, severely undermining the firm’s financial position, reputation, and ability to secure capital. READ – Tongaat’s Sweet Comeback Story Since taking charge, the practitioners have navigated the crisis with support from t…

Robert Gumede nears Tongaat Hulett rescue deal - Nehanda Radio Business Manufacturing News SA tycoon Robert Gumede moves closer to rescuing Tongaat Hulett as liquidation showdown looms Vision Group and the IDC reportedly reach broad agreement that could save the 134-year-old sugar giant from collapse By Business Reporter Jun 15, 2026 157 0 South African billionaire Robert Gumede (Pictures via facebook and AI) Must Try Trending Harare Wicknell Chivayo takes delivery of US$34 million Gulfstream G550 private jet News CAB3 critic Matinyarare sparks uproar after Tungwarara offers him luxury vehicle Explainer King of bling: How Ginimbi mastered the art of being impossible to ignore News Zari Hassan and Shakib Cham announce shock split after 5 years together Opinion The activist, the Land Cruiser and price of dissent: When patriotism became a transaction Load more Business Reporter South African businessman Robert Gumede appears to be on the verge of securing a deal that could save struggling sugar giant Tongaat Hulett from liquidation, just days before a crucial court hearing that will determine the company’s future. According to a Bloomberg report published on June 14, Gumede’s Vision …

South Africa: Tongaat Hulett Business Rescue - Brinkmanship On Steroids, in Service of a Dubious Zimbabwean Elite [Daily Maverick] Attempts to take over Tongaat Hulett have been shadowed by suspicions that the initiative is driven by politically exposed Zimbabweans pushing to externalise their cash and their influence by gaining control of the sugar value chain in Southern Africa. The latest revelations in the legal battle involving the stalled business rescue of Tongaat Hulett and its possible liquidation.

Analysis: The violation of Tongaat Hulett Sam Sole | AmaBhungane Managing Partner 22 February, 2026 On Friday, 27 February, the Business Rescue Practitioners and their lawyers will approach the High Court in Durban to request the provisional liquidation of Tongaat Hulett Limited (THL), the company that is a crucial backbone of the rural economy in northern KwaZulu-Natal. They will act in the knowledge that their own fees, racked up over 37-months of business rescue, are secure. In contrast, thousands of direct jobs and a great many more livelihoods – for cane-growers, workers, truckers, suppliers – will be placed at critical risk, notably because of the potential shutdown of THL’s mills, without which the harvest due to begin around April will become virtually worthless. We are on the brink of this catastrophic disruption because of greed. In fact, if there were to be a test case of why sometimes there is a need for expropriation without compensation, then a court-ordered seizure of THL might be a good fit. At the centre of this vortex of greed and irresponsibility are a group of banks, led by Standard Bank, and their chosen partner, the Vision Sugar group, led by South Afr…

Tongaat Hulett liquidation averted as IDC and Vision Group seal rescue deal | The Witness Facebook X LinkedIn Tumblr Pinterest WhatsApp Telegram Share via Email Print Tongaat Hullet. Photo: Supplied Add as a preferred source on Google A last-minute agreement between Tongaat Hulett’s business rescue practitioners, the Industrial Development Corporation (IDC) and the Vision Group has averted the liquidation of the embattled sugar producer, providing a lifeline to one of southern Africa’s oldest agricultural businesses. The breakthrough was reached on Wednesday, the same day a liquidation application was due to be heard in the High Court in Durban. Following the conclusion of a binding tripartite agreement, the business rescue practitioners formally withdrew the liquidation application before proceedings could commence. The agreement brings to an end months of uncertainty that had threatened the future of the 134-year-old sugar giant and placed thousands of jobs at risk across the region. ALSO READ| Hope grows for Tongaat Hulett rescue ahead of court … The liquidation process was initiated in February after disagreements emerged between the IDC and Vision Group over funding timelines…

South Africa: Tongaat Hulett Business Rescue - Brinkmanship On Steroids ... Attempts to take over Tongaat Hulett have been shadowed by suspicions that the initiative is driven by politically exposed Zimbabweans pushing to externalise their cash and their influence by gaining control of the sugar value chain in Southern Africa. The latest revelations in the legal battle involving the stalled business rescue of Tongaat Hulett and its possible liquidation. It seems both unjust and ironic that, while poor South Africans are mobilising against Zimbabwean migrants (among others) who are mostly just seeking refuge from their own predatory mafia-state, South African power-brokers appear poised to open the door for a Zimbabwean-dominated elite to seize control of one of our major assets: Tongaat Hulett. It is also unfortunate that the hammering at that corporate door has been directed by heavyweight South African banks and lawyers who, since the time of the 2022 take-over bid by the controversial Rudland family, appear cynically indifferent to where the money is coming from and what the ultimate plans for the company are. And those whose job it is to care - notably the Industrial Develo…