IDC to audit complaints over Tongaat bid
Losing bidders suspect successful company does not have funding
The Industrial Development Corporation (IDC) is conducting a forensic audit of complaints lodged by losing bidders to acquire ailing sugar producer Tongaat Hulett.
Tongaat was placed in business rescue in October last year; in July Tanzanian sugar company Kagera was named as the preferred strategic equity partner in a deal believed to be worth R3bn-R4bn. ..
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