Tongaat head office stripped of expensive paintings and antiques ahead of a possible visit by liquidators. Photo supplied.
- Tongaat Hulett escaped liquidation on Thursday after the Industrial Development Corporation (IDC) agreed to increase its funding to R2.5-billion, allowing mills to open and 3.8 million tons of cane to be processed.
- More than 18,000 growers – mostly small-scale – have no other mills to use.
- But the IDC’s fresh R200-million lifeline only keeps the company trading until mid-year.
Canegrowers in KwaZulu-Natal breathed a sigh of relief on Thursday when the liquidation of sugar giant Tongaat Hulett was avoided through additional funding of R200-million.
This means that crucial milling of sugar cane can…