The liquidation case against Tongaat Hulett to be heard in June, and the outcome might affect the livelihoods of thousands of small cane growers in northern KwaZulu-Natal.
Vision Group, the company that won a bid to take over sugar group Tongaat Hulett Limited (THL), which is facing a liquidation hearing next month, has “initiated steps” at THL’s regional subsidiaries, “to preserve security interests over those assets” as THL’s largest creditor with R11 billion debt in THL.
In a statement where Vision countered allegations that its company Bowwood and Main No 296 had attempted to bypass any legal process for the acquisition of Tongaat Hulett Botswana’s (THB’s) shares, Vision said: “As any lender of substantial funds would be entitled to do against a borrower which is in default, prudent steps have been taken to preserve security, not to acquire such assets outside of any legal process.”
It said it was instead focused on THL’s liquidation hearing on June 17, where it will “continue to advocate for a resolution that prioritises job preservation and continued operation of the assets.”
Vision, which is led by South African billionaire Robert Gumede, and Zimbabwean businessman Rute Moyo, said the primary purpose of obtaining an Ex Parte Order (a court order derived where one party is absent) was to have an order, issued by the High Court of South Africa during 2022 in favour of the former “Lender Group”, recognised as an order within the jurisdiction of Botswana.
