The Tongaat Hulett business rescue is in deep trouble.
This follows the filing of an explosive final affidavit in a Durban high court challenge to the Business Rescue Practitioners BRPs and the Vision consortium selected to buy up about R8.5 billion in crippling debt.
The 'secured' claims are held by a 'lender group' led by Standard Bank, which has the biggest exposure to the sugar producer.
The case is based on an application by a small, unsecured creditor, Powertrans, led by its sole owner, Durban businesswoman Mohini Naidoo.
Naidoo is asking the court to set aside the business rescue plan adopted at the meeting of creditors held on 11 January 2024.
