TONGAAT

Small-scale farmers who feed the Tongaat Hulett mills in KwaZulu-Felixton, Natal’s Amatikulu, and Maidstone have been compensated for sugar cane delivered in September.
The company, which was placed in business rescue on October 27th, missed an R401 million payment deadline for cane delivered by around 4 300 growers.

Concerns were raised by the organisation over Tongaat Hulett’s ability to “make timely payments of more than R345 million at the end of November for the more than 570 000 tonnes of cane delivered in October.”

“It is also vital that clarity is provided on preparations for the remainder of the season, as well as to try to ensure the future of Tongaat Hulett for the sake of the thousands of livelihoods depending on cane growing along KwaZulu-north Natal’s coast.”

The association is in talks with Tongaat’s business rescue practitioners to prioritise payments to commercial farmers, allowing payments to other enterprises such as contractors, haulier companies, and input suppliers.

Tongaat, the country’s largest sugar producer, has been embroiled in an accounting scandal, accused of inflating its financial situation by R12 billion between 2011 and 2018. On the JSE, its shares are currently suspended.


Don’t forget to follow us on Facebook Instagram Twitter LinkedIn to get the latest updates from Cape Town Tribune

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign Up for Our Newsletters

Get notified of the best deals on our WordPress themes.

You May Also Like

European Rugby Officials Are ‘Optimistic’ About The Formation Of A Club World Cup.

European rugby officials refused to set a deadline for reaching an agreement…

Gift Of The Givers Applauds Cops And The Court After The Killers Of A Volunteer Are Sentenced Harshly.

Gift of the Givers has praised the police and the Western Cape…

The Hawks Have Appointed A New Deputy Chief, But 48% Of Positions Remain Unfilled.

The Hawks may not be flying at full capacity, but the unit’s…

Former England Star Can’t Recall Winning The Rugby World Cup And Claims Dementia Makes Him ‘Phoney.’

Former England rugby star Steve Thompson says he feels like a “phoney”…