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Delayed payments made in Tongaat Hulett saga
Farmer's Weekly
|November 25, 2022
The future of Tongaat Hulett still hangs in the balance despite some payments having been made.
Sugar cane growers and input providers were placed under severe financial pressure when Tongaat Hulett failed to pay them for September deliveries at the end of October.
However, approximately 4 000 smallholder growers received payment in the first week of November, and Ryan de Matteis, a farmer near Darnall in KwaZuluNatal, confirmed that commercial growers had been paid a week later.
Tongaat Hulett announced in late October that it had placed its South African operations in voluntary business rescue, blaming years of high and increasing debt levels, alleged financial misstatements, and historic mismanagement under previous leadership.
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