DURBAN – All eyes are on the KwaZulu-Natal High Court as it prepares to hear the provisional liquidation application involving Tongaat Hulett.
The sugar producer filed for provisional liquidation after efforts to rescue the company were exhausted.
The more than 130-year-old company was rocked by an accounting fraud scandal in 2019.
A PwC audit found that key executives had manipulated the company’s accounts to inflate profits over several years.
The inflated figures were allegedly used to justify executive bonuses and share options.
As a result, the company was forced to restate its financial results, leading to a R12-billion write-down in value and exposing a debt stockpile of…