R500m headache for Tongaat buyer Vision
Levies pose further hurdle to takeover
14 January 2024 - 06:46
Following its successful acquisition of troubled sugar producer Tongaat Hulett after a lengthy and messy business rescue process, the Vision consortium — led by businessman Robert Gumede and Zimbabwean Rute Moyo — is set for another battle over outstanding sugar industry levies of more than R500m.
Vision secured the majority votes to assume R8bn of Tongaat debt owed to bankers and other financiers, known collectively as the lending group, and partially settled through a debt-for-equity swap. It ends a protracted and controversial business rescue of the ailing sugar company that is critical to thousands of small-scale farmers and other entities in KwaZulu-Natal. ..
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