Failed bidder wants second bite at sugar plant
Terris Consortium is challenging the decision to approve Tanzania’s Kagera as winning bidder for Tongaat
The fight for troubled sugar giant Tongaat Hulett is intensifying after the Terris Consortium — which lost out when Tanzanian company Kagera was selected as strategic equity partner (SEP) — called for the process to be reopened.
It believes the business rescue practitioners (BRPs) breached their own processes by selecting Kagera to buy Tongaat without the company having provided proof it had the requisite funds or could raise them. ..
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