Inside Tongaat - banks, BRPs, corporate vultures fight over carcass of KZN’s fallen giant

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It’s five years since massive accounting fraud was exposed at Tongaat Hulett, plunging KZN’s largest industrial group into a death spiral. With little incentive to end their regular income stream, fee-earning “super helpers” have been feasting on the company’s carcass, while bankers delude themselves by charging notional interest on debts that will never be repaid. Yet some excellent assets are still there to be grabbed - and sensing fatigue of shareholders, corporate vultures have been gathering. Corporate activist Dave Woolam shares the latest twist in the sorry saga with BizNews editor Alec Hogg.
Video production by Asime Nyide
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Опубликовано:

10 сен 2024

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Комментарии : 26

@Henk6772 23 дня назад

Rarely do you see a person who is an expert in some field but also a good communicator. Very insightful interview, thank you.

@benjaminlabuschagne9101 25 дней назад

I would imagine that accounting companies & Auditors are advisories in these big industrial Companies .... says a lot about that Industry !!!!!!

@123heinie 26 дней назад

I remember Dave from my BOE days - excellent Banker and business mind

@WilliamDavidson-w3x 27 дней назад

Hawaii Sugar industry collapsed 30 years ago . Banks took a hit, Chase Manhattan was owed 106 million US state of Hawaii was owed 30 million, county of Hawaii owed 6 million. Total business sold for 21 Million. Banks need to take a hit simple

@nilsmolzen6654 23 дня назад

Banks can cut interest rates any time.

@ianoverll692 26 дней назад

Tongaat unfortunately lost focus on their core business

@L.V-Rider 26 дней назад

Good for them, sorry for the employees. Tangaat defrauded my family's business out of many millions in the late 1900's. They where doing shady business for a long time before that even.

@artfuldodger8655 27 дней назад

Very sad

@gollygosh40 26 дней назад

So how many directors and financial officers ended up in jail, must have been a lot? Good to know next time management will think twice before they pull a stunt like that.

@tyf-scott2378 27 дней назад

Like Rainbow Chicken

@christiaanliebenberg5645 26 дней назад

For comic value, please interview Neil de Beer on this topic please! 😂

@artfuldodger8655 26 дней назад

Doesn't make sense if Vision can buy all claimed for R3.6 billion and the Mozambique assets are worth around the same figure surely it makes sense for the BRP to sell theses assets and pay that amt to the secured creditors who it seems are prepared to accept this amount. From there on it would seem to be plain sailing

@nilsmolzen6654 23 дня назад

Take short term dollar loan against security of future sugar supply. This will reduce killer interest by exchange rate. Then look at life style sugar farms. The banks are vultures.

@halinaleonowicz8038 27 дней назад

Exact typical SA ANC run institutions, where the decisin making positions, are ocupied by masses of peoples who achieved their level of incompetency and seat on paying "places" as long as allowed 😂