RGS loses Tongaat Hulett case, as business rescue practitioners hit back

THE Vision consortium, led by South African businessman Robert Gumede and Zimbabwean tycoon Rutenhuro Moyo, remains firmly in control of Tongaat Hulett after a court challenge to its ownership was dismissed.

This development adds yet another twist to the long and winding saga of the embattled sugar producer.

The challenge, brought by RGS Holdings, a former Tongaat bidder, was dismissed by the Durban high court for lack of urgency.

RGS had also previously alleged irregularities in the business rescue process, claiming it favoured Vision.

Vision’s selection as the preferred bidder, following the Rudland family’s failed attempt, was already intriguing. Moyo’s involvement as a co-bidder, with his extensive business interests in Zimbabwe, further fuelled the drama.

The consortium’s ability to secure the deal, despite facing competition from other suitors, has raised eyebrows. Some believe the vast landholdings and untapped assets across southern Africa, particularly in Zimbabwe, present a lucrative opportunity to pay off the hefty debt within a decade.

Moyo’s track record as a successful entrepreneur, with investments in diverse sectors like fintech and consumer goods, has garnered attention. His past experience at global giants like Coca-Cola and Cyril Ramaphosa’s Shanduka Group adds further weight to his credentials.

While the future looks promising, challenges remain.

Tongaat’s past labour disputes in South Africa and Moyo’s own history of navigating Zimbabwean authorities raise questions about potential hurdles. Additionally, the company’s search for additional land, potentially to replace land acquired by Nuanetsi Ranch, may face scrutiny regarding water and land rights. – Staff Writer, Wires