Cash strapped Tongaat Hulett puts over 14-000 jobs on the line

[mojoman]

CASH-STRAPPED TONGAAT HULETT PUTS OVER 14,000 JOBS ON THE LINE'​

The company admitted to financial distress last week and said that it would be beginning a voluntary business rescue process.

JOHANNESBURG - The South African Cane Growers Association (SACGA) said on Wednesday nearly 15,000 jobs hang in the balance as company Tongaat Hulett Limited missed its deadline to pay them.

The company admitted to financial distress last week and said that it would be beginning a voluntary business rescue process.

The association said the company was supposed to pay R400 million to farmers for a sugarcane delivery that was made in September.

'Cash-strapped Tongaat Hulett puts over 14,000 jobs on the line'

The company admitted to financial distress last week and said that it would be beginning a voluntary business rescue process.

ewn.co.za

 

[mojoman]

Wow..that sounds like an awful lot of debt...?

Tongaat Hullet Limited currently has R5 billion worth of debt, which includes millions owed to farmers.

 

[Quicks]

Price of doing business in South Africa?

"While the company has gone into business rescue in South Africa, it said operations in Botswana, Zimbabwe and Mozambique were running smoothly."

 

[TheChamp]

Price of doing business in South Africa?

"While the company has gone into business rescue in South Africa, it said operations in Botswana, Zimbabwe and Mozambique were running smoothly."

It's good, old fashioned corruption.

Former Tongaat Hulett bosses in court for fraud

Peter Straude and six others get bail over fraud that cost 8 000 workers their jobs.

mg-co-za.cdn.ampproject.org

 

[Vrotappel]

Accused Tongaat execs in court over R3.5 billion fraud charges | Business

Those accused of artificially sweetening the books of the sugar producer made their first appearance in the Durban High Court on Thursday, with the matter postponed to 17 February 2023.

www.news24.com

Hopefully the NPA nails them.

 

[zophas]

Price of doing business in South Africa?

"While the company has gone into business rescue in South Africa, it said operations in Botswana, Zimbabwe and Mozambique were running smoothly."

So we will soon be importing sugar with a big price increase on top of the sugar tax?

 

[azbob]

It's good, old fashioned corruption.

Former Tongaat Hulett bosses in court for fraud

Peter Straude and six others get bail over fraud that cost 8 000 workers their jobs.

mg-co-za.cdn.ampproject.org

Just over two years after charges were laid against them, former Tongaat Hulett Limited chief executive Peter Staude and six others accused of defrauding the sugar and property giant of R2.5-billion have finally appeared in court.

The group of former executives charged over the fraud includes Deloitte audit partner Gavin Kruger, who was responsible for auditing Tongaat’s books; former chief financial officer Murray Munro; former property division head Michael Deighton, finance section head Rory Wilkinson; legal executive Kamlasagrie Singh and finance executive Samantha Shukla.

Lekker BEE, AA and transformation.

 

[B-1]

Lekker BEE, AA and transformation.

No that's white collar crime and permissible.

 

[Oldfut]

The business was sort of ok but had a heavy reliance on subsidies and local authority acceptance so was not a cash cow that the arrogant, greedy and crooked executives could rape at will and not do their jobs. I feel for the middle and lower tiers of people that earned a living from Tongaat. Jail for the bosses, please.

 

[Pegasus]

Lekker BEE, AA and transformation.

If that were the case then they would be getting promoted. Instead these ones are going to jail as they should.

 

[now05ster]

No that's white collar crime and permissible.

Why so racist?

 

[TheChamp]

Lekker BEE, AA and transformation.

If you looked carefully you would still find that it's BEE that made them corrupt.

 

[My_King]

Another exec success story.

"A ship can't sail without her captain" hey MyBBers.

Execs run these companies, thats why they get the big bucks, cooking books and playing golf is much more of an effort than the lower ranked people doing the hard labour.

Thats why the bosses are allowed to take part in other businesses but your contract says that you are not allowed.

Grear success.

 

[TheChamp]

If that were the case then they would be getting promoted. Instead these ones are going to jail as they should.

Yep, they are the fall guys.

 

[mojoman]

If you looked carefully you would still find that it's BEE that made them corrupt

Lol...Im pretty shocked Julius isnt all over this thread as well...Is he alright?

 

[RedViking]

Perfect time for government to increase the sugar tax even further.

 

[azbob]

If you looked carefully you would still find that it's BEE that made them corrupt.

Define “corrupt“ or we can’t continue this conversation.

 

[My_King]

CEO of the year South Africa talking about best goals

Interview with Peter Staude, CEO of Tongaat Hulett and CEO oft the year 2017 in South Africa. He talks about his personal strengths, his best goals for the company and the 63-years old CEO gives some insights in his personal capacity.

www.brainforce-ag.com

 

[Pegasus]

It will be interesting to hear how this played out in practice.

These people would all have a reputation to uphold and enough money already.
How would you get all of them to knowingly risk everything to go along with this scam.

The case against the Tongaat executives

Accused face 19 fraud charges for allegedly backdating the sale of properties. Tongaat financial statements were ‘materially unreliable and false’, state claims

www.businesslive.co.za

Staude, former CFO Murray Munro, former Tongaat Hulett Developments (THD) MD Michael Deighton, former THD head of portfolio strategy Rory Wilkinson, former THD legal executive Kamasagrie Singh, former THD financial executive Samantha Shukla and auditor Gavin Kruger appeared in the Durban specialised commercial crimes court on Thursday. Several of the accused also face charges of contravening the Financial Markets Act, Companies Act and the Prevention of Organised Crime Act (POCA).

According to the charge sheet, the accused had “actively associated themselves with the common purpose and worked together to misrepresent the true state of the revenue brought about by sales of land” by THD and “to falsify the financial records of THD and/or TH”.

 

[TheChamp]

It will be interesting to hear how this played out in practice.

These people would all have a reputation to uphold and enough money already.
How would you get all of them to knowingly risk everything to go along with this scam.

The case against the Tongaat executives

Accused face 19 fraud charges for allegedly backdating the sale of properties. Tongaat financial statements were ‘materially unreliable and false’, state claims

www.businesslive.co.za

Staude, former CFO Murray Munro, former Tongaat Hulett Developments (THD) MD Michael Deighton, former THD head of portfolio strategy Rory Wilkinson, former THD legal executive Kamasagrie Singh, former THD financial executive Samantha Shukla and auditor Gavin Kruger appeared in the Durban specialised commercial crimes court on Thursday. Several of the accused also face charges of contravening the Financial Markets Act, Companies Act and the Prevention of Organised Crime Act (POCA).

According to the charge sheet, the accused had “actively associated themselves with the common purpose and worked together to misrepresent the true state of the revenue brought about by sales of land” by THD and “to falsify the financial records of THD and/or TH”.

They may be white but they are just like Koko, Molefe, Gama and the others, having enough money has never stopped anyone, of course no one ever does corruption thinking they will be caught.

The reputational risk is not a problem because everyone thinks they'll get away with it, since they are in the private sector, this could have easily been an accounting irregularity, all monies paid back and life goes on.