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EDITORIAL: Tongaat must take advantage of business rescue process

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Only way to save hundreds of thousands of jobs is to make sugar producer more resilient

For the 500,000 people who rely on Tongaat Hulett in the Southern Africa region, a gloomy festive season beckons.

A household name in corporate SA, Tongaat’s SA operations tumbled into business rescue earlier this month, with management throwing in the towel four years after disclosures of dodgy accounting practices punched a R12bn hole in its balance sheet, making it the latest high-profile SA company to seek protection from creditors. ..If you have already registered or subscribed, please sign in to continue.

 

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Abandoning core sugar business killed off Tongaat HulettAbandoning core sugar business killed off Tongaat Hulett - Departing from its core business, and having its fingers in too many pies, is what crippled Tongaat Hulett and ultimately left it open to massive fraud
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Abandoning core sugar business killed off Tongaat HulettAbandoning core sugar business killed off Tongaat Hulett: Departing from its core business, and having its fingers in too many pies, is what crippled Tongaat Hulett and ultimately left it open to massive fraud
ソース: mailandguardian - 🏆 2. / 92 続きを読む »