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…