Page 3 - Peter Staude News Today

2023 looks set to be an eventful year in the South African business landscape.

SA's largest sugar producer says its lenders have not agreed to extend borrowing facilities that would have made a restructuring plan possible, and it is entering bankruptcy protection, though its Botswana, Zimbabwean and Mozambican operations aren't distressed.

Lenders have told the 130-year-old sugar producer that they are unable to support its restructuring plan or to provide the additional funding required, calling in the debt.

Struggling sugar producer Tongaat Hulett says its board has now approved a restructuring plan, although it didn't go into details, saying it needs to consult with stakeholders.

Zweli Mkhize, Jacob Zuma inspired to contest for ANC leadership points to a party stuck in a vortex of bad governance and stale ideas

Those accused of artificially sweetening the books of the sugar producer made their first appearance in the Durban High Court on Thursday, with the matter postponed to 17 February 2023.

Six former Tongaat Hulett executives and an auditor accused of fraud made their first appearance in the Durban High Court on Thursday.

JSE-listed Tongaat Hulett this week outlined its plans to loosen the more than R6bn debt chokehold it is in, including possible equity capital injections from strategic partners or the sale of some or all of its operations elsewhere in Africa.

Tongaat Hulett is trying to recoup R76 million from former head of property development Mike Deighton


Seven former Tongaat Hulett executives are returning to court on Monday to face charges in a multi-billion-rand fraud case.