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
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