Tongaat vote put off at last minute
Creditors question whether Vision consortium has the funds to make the deal
10 January 2024 - 12:54
UPDATED 10 January 2024 - 20:00
The vote to sell Tongaat to the Vision consortium did not go ahead on Wednesday after the Industrial Development Corporation (IDC) demanded more security from the buyer, while a lawyer and banker questioned if the consortium had the money to buy the business.
Tongaat has been in business rescue for 14 months and the vote on a new owner must be finalised by January 15, failing which the IDC has threatened to demand repayment of its R2.3bn loan. This would force Tongaat into liquidation which would have a devastating effect on the rural KwaZulu-Natal economy. ..
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