Tongaat Hulett’s rescue process has hit a snag as one of the losing bidders and the Zimbabwean government are crying foul over the appointment of a Tanzanian sugar manufacturer as the strategic equity partner of the ailing sugar company. 

Tongaat was placed in business rescue last October after its funders pulled the plug when it emerged that key former executives had allegedly manipulated accounts for years. At least six, including former CEO Peter Staude, ex-CFO Murray Munro and an external auditor, have been charged in connection with the corporate fraud amounting to R3.5bn. The company was choking under a R7bn debt pile and couldn't convince funders to back its restructuring process.  ..

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