The R3.5bn fraud case against former Tongaat Hulett executives has been postponed to June, to give the state time to firm up racketeering charges to be brought against the accused, who are implicated in the country’s largest accounting scandal since Steinhoff.

The sugar giant, which has also been in a tug-of-war with a consortium of shareholders over a controversial proposed R4bn rights offer, is awaiting the outcome of an investigation ordered in March by the Takeover Special Committee (TSC) that could see the controversial exemption awarded to Magister Investments taken off the table...