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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