amaBhungane | ANALYSIS: Who is behind the Tongaat Hulett bid battle?

News 24 (South Africa)

Wednesday, December 13, 2023

The Vision and RGS consortiums are battling it out to buy the bank debt that would give them control over Tongaat Hulett. Vision includes a financier who spent a chunk of his career in the service of three notorious Kazakh oligarchs known as "The Trio"; it also includes a company implicated in Pakistan’s so-called "sugar mafia" cartel scandal. Both deny any wrongdoing. RGS is part of the Mozambican Gulamo group, previously called out for its closeness to the ruling Frelimo party. Things have been sour for sugar giant Tongaat Hulett since 2019, when a new management team uncovered accounting failures and alleged fraud that led to a R12 billion reversal in the company's valuation. The criminal trial of key former directors is yet to get properly under way.

Click here to connect to the source of this storyClick here for more News and Views

As I browse the web researching various topics concerning the EU and UK sugar markets, I've been bookmarking interesting weblinks. Some of these are news clippings, some are links to official documents, and some are interesting data sources.

It's really easy (and anonymous) to subscrible to this EU and UK News & Views feed with RSS. Add this address to your favourite RSS reader:
https://www.julianprice.com/news-clippings/rss.xml

Disclaimer

This disclaimer is applicable to all content accessible via this website which, by accessing the website and/or subscribing and/or reading the occasional reports, we hereby deem you to have read and accepted in full: Any comments, opinions or data visualizations herein are not intended to be an offer to buy or sell commodities or futures and options thereon as they merely state our views and carry no guarantee as to their accuracy. We make no representation or warranty whatsoever that the information contained herein is accurate, complete, fair or correct. All information, prices or projections are subject to change without notice. This information is not intended to be construed as investment advice. We do not accept any liability or loss or damage arising from any inaccuracy or omission in or the use of or reliance on the information herein.