The Vision and RGS consortiums are vying for control over Tongaat Hulett by purchasing the bank debt. Vision includes a financier with ties to Kazakh oligarchs and a company involved in Pakistan's sugar mafia scandal. RGS is associated with the Mozambican Gulamo group, previously criticized for its proximity to the ruling Frelimo party. Tongaat Hulett has faced challenges since 2019 due to accounting failures and alleged fraud, leading to a significant decrease in valuation. Efforts to save the company and its thousands of jobs have become increasingly desperate.
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. With a group of banks holding the company over a barrel of debt, there have been increasingly desperate efforts at keeping alive a business that supports thousands of jobs, especially in KwaZulu-Nata
Vision RGS Consortiums Tongaat Hulett Bank Debt Control Financier Kazakh Oligarchs Sugar Mafia Cartel Scandal Wrongdoing RGS Mozambican Gulamo Group Frelimo Party Accounting Failures Fraud Valuation Jobs
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