Tongaat Hulett | Robert Gumede in bitter fight over sweet deal

JOHANNESBURG - Speculation is rife that South African businessman and Terris Consortium owner, Robert Gumede is the new owner of South Africa's biggest sugar producer, Tongaat Hulett.

The company has been in business rescue since 2022 after fraud and corruption collapsed its finances.

Over the past weekend, a media report stated that an agreement was signed on Friday between Tongaat Hulett and Terris, a sugar-led consortium to acquire the whole of Tongaat's business.

READ: Tongaat Hulett secures equity partner

Tongaat has confirmed to eNCA that while the business rescue practitioners have received verbal confirmation of this transaction, a formal agreement has not been signed.

The practitioners are considering the potential impact on the business rescue process.

Tongaat's BPRs are awaiting formal confirmation of the completion of the transaction and will communicate the way forward in due course and through the correct forums.

Tongaat Hulett was a solid business worth about R23-billion. According to its website, it currently employs over 38,000 people.