New court action over Tongaat rescue
RCL Foods has filed another urgent interdict
07 January 2024 - 05:47
RCL Foods has filed another urgent interdict to stop a meeting scheduled for Wednesday to vote on Tongaat Hulett's rescue plans, citing an “unlawful” revised plan by one of the bidders for the ailing sugar group.
In December the court ruled that the initial rescue plans by the two bidders — Mozambican group RGS and Vision group, made up of investors from South Africa, Mauritius and the UAE — could not be voted on as they did not make provision for the payments owed to the South African Sugar Association (Sasa), the sugar industry’s regulatory body. ..
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