Tongaat Hulett Inching Towards Liquidation
Tongaat Hulett appears to be inching its way towards liquidation as the (currently suspended) JSE-listed sugar producer and property developer’s business rescue process increasingly becomes bogged down by legal challenges.
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This follows the High Court in Durban last week hearing three urgent applications and ordering:
The adjournment of the meeting to consider and vote on Tongaat’s amended business rescue plans from December 14, 2023 to no later than January 11, 2024.
The unamended business rescue plans published on November 29, 2023 shall not be voted on, postponing the three urgent applications indefinitely.
The applications launched against Tongaat and its business rescue practitioners (BRPs) by RCL Foods Sugar & Milling and the South African Sugar Association (SASA) were for interdicts to stop the Tongaat creditors meeting from taking place.
Tongaat Hulett Inching Towards Liquidation
This meeting was meant to consider and vote on the business plans of short-listed bidders RGS Group Holdings Limited and Robert Gumede’s Vision Group, pending the determination of Part B of their applications to declare these business plans unlawful.
RGS is seeking an order that the BRPs must convene the creditors meeting on Thursday to vote on its amended plan.
These two business rescue plans will now be voted on in January 2024.
Meanwhile…
Police in Kamativi arrested a Zion Church Pastor who was found in possession of a twist of cannabis and was fined USD$30.00 on Sunday evening.
Daimon Mungombe (48), who resides at his homestead in Chinego Village under Chief Pashu in Binga was facing a charge of unlawful possession of dangerous drugs (dagga).
According to State papers, On December 17, Zrp KAMATIVI received a tip-off to the effect that Mungombe is in unlawful possession of a dangerous drug (dagga).
After a swift reaction, Police then recovered a twist of dagga hidden under the goat Pen’s roof tied in a sugar plastic paper.
The accused person admitted guilty to the charge of unlawful possession of dagga.
The street value of the recovered twist of dagga amounted to ZWL$20000.
