Indebted Tongaat could face interdict on holding business rescue vote
SA Sugar Association and RCL Foods unsure of how two potential buyers will pay outstanding levies
The SA Sugar Association (SASA) and RCL Foods want to interdict the Tongaat business rescue vote, in which creditors will choose a buyer for the firm, from going ahead on Friday.
This is because Tongaat has not paid R1.1bn in levies owed to the industry and the sugar producer lost its court bid last week to have those levies suspended under the business rescue process. Tongaat has been in business rescue since October 2022 and creditors, including banks, are supposed to choose a buyer for the business, ending a 14-month process...
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