Activist investors urge Tongaat to speed up restructuring plan
One proposal is to ask the nine banks that lent the company some R13bn to ‘take a haircut’
24 July 2022 - 06:14
With thousands of jobs on the line, the stakes are high for Tongaat Hulett’s restructuring plan, but a consortium of activist shareholders led by Artemis believes a September deadline for the turnaround project is too late.
Former executives, including ex-CEO Peter Staude and ex-CFO Murray Munro, who are alleged to have presided over a R3.5bn fraud that tipped the company into crisis, will be in the Durban Commercial Crime Court tomorrow for the state to serve them with an indictment. In a court appearance in February, Staude and Munro faced 24 charges, including fraud and racketeering...
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