KwaZulu-Natal’s economy could face one of its most severe shocks in decades if sugar giant Tongaat Hulett collapses, with government and business leaders warning that thousands of jobs and an entire agricultural value chain are at risk.
Last Thursday, Tongaat Hulett’s Business Rescue Practitioners (BRPs) approached the High Court seeking the company’s provisional liquidation after a business rescue plan involving the Vision Group Consortium became “unimplementable”.
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Founded in 1892, Tongaat Hulett has, until its recent financial woes, been the backbone of KwaZulu-Natal’s economy, particularly the rural economy.
The…