Government has moved to avert the collapse of Tongaat Hulett, with the Department of Trade, Industry and Competition (DTIC) pledging to oppose the company’s provisional liquidation and intensify efforts to secure a rescue plan for the embattled sugar giant.
The intervention offers a measure of hope for KwaZulu-Natal’s rural economy, where thousands of jobs and small-scale growers depend on the survival of the 132-year-old sugar producer.
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Tongaat Hulett’s Business Rescue Practitioners (BRPs) approached the Durban High Court for provisional liquidation after a business rescue plan involving the Vision Group Consortium became…