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'Rights offer deal will see Tongaat Hulett owned by notorious Zimbabwe family'

18 January 2022 8:21 PM
Tags:
Zimbabwe
The Money Show
Bruce Whitfield
Tongaat
Tim Cohen
Sugarcane
Tongaat Hulett
PWC
Gold Leaf Tobacco
Business Maverick
Magister
Rudland family
Hamish Rudland

The Money Show interviews Business Maverick editor Tim Cohen about the approval of Tongaat's R4 billion rights issue.
Image: pasja1000 on Pixabay

Tongaat Hulett shareholders have approved a R4 billion rights issue, which would see fundraising to be underwritten by Magister Investments, reports Business Day.

Also endorsed was the appointment of Hamish Rudland as a director and representative of Magister on the board.

The Rudlands are one of Zimbabwe’s most notorious families, writes Business Maverick editor Tim Cohen in an article on Daily Maverick.

The family's Zimbabwean businesses include the Gold Leaf Tobacco group.

Image of sugar cane field by David Z on Pixabay

At the same time Tongaat Hulett is taking aim at Deloitte, appointing a legal team to pursue a claims process over a misstatement of the company results which goes back years.

RELATED: PwC report finds accounting irregularities at Tongaat Hulett

In conversation with Ray White, Cohen says the Deloitte claim was "always coming".

You'll recall that Deloitte did pay Steinhoff R1.2 billion for their role in the Steinhoff collapse...

Tim Cohen, Editor - Business Maverick

It's rather extraordinary that Tongaat Hulett are championing corporate governance by going after Deloitte at the same time as they have endorsed a deal...

Tim Cohen, Editor - Business Maverick

... which will effectively mean that the majority shareholder in the company will end up being a dodgy Zimbabwean group!

Tim Cohen, Editor - Business Maverick

When the dust settles on that, Tongaat Hulett will be owned by a very devious family from Zimbabwe.

Tim Cohen, Editor - Business Maverick

Listen to Cohen's insights on The Money Show:




18 January 2022 8:21 PM
Tags:
Zimbabwe
The Money Show
Bruce Whitfield
Tongaat
Tim Cohen
Sugarcane
Tongaat Hulett
PWC
Gold Leaf Tobacco
Business Maverick
Magister
Rudland family
Hamish Rudland

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