Robert Gumede’s Vision gets partial win in Tongaat rescue plan
The High Court judgment allows Tongaat Hulett’s business rescue process to proceed without immediate legal hurdles
The High Court has dismissed a bid to block Vision Group’s acquisition of Tongaat Hulett, handing the tech billionaire Robert Gumede-led consortium a partial legal victory and allowing the business rescue process of the sugar titan to sail forward without immediate legal hurdles.
RGS Group, a Mozambican outfit that had been vying for Tongaat, lodged an urgent interdict in November against the process. It argued that Vision had failed to raise the necessary funds, and accused the business rescue practitioners, Metis Strategic Advisors, of being in breach of the business rescue plan when they sought shareholder approval for the debt-to-equity swap while the acquisition remained incomplete...
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