Tongaat Hulett
 | This article may contain excessive or inappropriate references to self-published sources. (June 2017) |
| Company type | founder JG Hudson, R2,145 Billion (FY 2013)[1] |
|---|---|
Number of employees | 31, 230 [2] |
| Website | www www |
Tongaat Hulett is an
In the 2014/15 season, 1.314 million tons of sugar were produced.[4]
Operations
South Africa
- The company head office is located at Amanzimnyama, Tongaat near Durban.
- Amatikulu and Felixton.
- A central refinery is in Durban
- Animal feeds operation (Voermol Feeds)
Mozambique
- Tongaat Hulett Açucar, Maputo
- Açucareira de Xinavane Xinavane Mill, Xinavane, Manhiça District, Maputo Province
- Açucareira de Moçambique Mafambisse Mill, in Mafambisse, Dondo District, near Beira, in Sofala Province
Eswatini
- Tambankulu Estates, Mhlume – The company operates two agricultural estates on the Mbuluzi River.
Zimbabwe
Tongaat Hulett's had three sugar estates in Zimbabwe in Chiredzi District and they bordered one another.
- Triangle Estate in Triangle, Zimbabwe
- Hippo Valley Estates, listed on the Zimbabwe Stock Exchange.
- Mkwasine Estates is now occupied by newly resettled farmers Chiredzi District
Animal feeds
Voermol Feeds, based in Maidstone, produces
Artificial sweeteners
Cape Sweeteners, based in Durban, is a
Starch
Tongaat Hulett Starch, previously African Products is Africa's largest producer of starch and glucose, produced at five South African factories.
Land development
Tongaat Hulett Developments is a land conversion and development company that carries out land conversion activities by collaborating closely with the public sector, communities and other businesses.
Corruption scandal
At the end of 2018, the CEO, Peter Staude took early retirement[5] and the chief financial officer, Murray Munro, went on sick-leave.[6] In January 2019, a new CEO was appointed. In February 2019, the company announced a drop in expected profits[7] as well as a liquidity crisis.[8]
In May 2019, the company announced that its published financial results could not be relied on and that the company's equity (the value of the business after liabilities) in its 2018, financial results has been overstated by between R3.5 billion to R4.5 billion
In February 2022, seven people connected with the scandal namely, Peter Staude, Murray Hector Munro, Michael Edward Deighton, Rory Edward Wilkinson, Kamasagrie Singh, Samantha Shukla and Gavin Dykes Kruger appeared in the Durban Specialised Commercial Crimes Court and were granted bail.[17] The appeared in court again in April 2022.[18]
References
- ^ a b Tongaat Hulett:Audited results for the year ended 31 March 2013, May 2013, Retrieved: 23 May 2013.
- ^ Tongaat Hulett:Employees as of 31 March 2013 Archived 4 March 2016 at the Wayback Machine, March 2013, Retrieved: 31 March 2013.
- ^ Berakofi (2021-04-09). "About Tongaat Hulett Group". BeraPortal.com. Retrieved 2023-03-02.
- ^ Hancock, Tracy. "Tongaat Hulett starch and cellulose sees record year, keen on cogen". www.engineeringnews.co.za. Retrieved 2023-03-02.
- ^ Hedley, Nick (6 August 2018). "Tongaat Hulett CEO Peter Staude to go sooner than expected". Business Day.
- ^ Mchunu, Sandile (12 February 2019). "Tongaat Hulett hopeful new CFO can bring sweetness back to group". Business Report. Retrieved 13 August 2019.
- ^ Gernetzk, Karl (26 February 2019). "Tongaat Hulett falls 20% to 25-year low". Business Day.
- ^ Ginindza, Banele (25 April 2019). "Tongaat Hulett renews its cautionary notice". Business Report. Retrieved 13 August 2019.
- ^ a b c "Tongaat Hulett's listing has been suspended - here's what we know about the crisis at the sugar giant". businessinsider.co.za. 10 June 2019. Retrieved 13 August 2019.
- ^ a b Harper, Paddy (19 July 2019). "Sugar barons' greed costs workers". The M&G Online. Retrieved 13 August 2019.
- ^ Mataranyika, Memory (2 August 2019). "Tongaat Hulett's Zim unit misses extended deadline to release financials". Fin24. Retrieved 13 August 2019.
- ^ de Villiers, James (4 June 2019). "Tongaat Hulett scandal: Deloitte replaces senior auditors and launches an internal investigation". businessinsider.co.za. Retrieved 13 August 2019.
- ^ Dlamini, Sizwe (10 June 2019). "JSE suspends Tongaat Hulett listing". Business Report. Retrieved 13 August 2019.
- ^ Prinsloo, Loni (27 June 2019). "Criminal case opened against former Tongaat Hulett executive". Business Day.
- ^ Fourie, Penny (22 May 2019). "Thousands to lose their jobs at Tongaat Hulett". North Coast Courier. Retrieved 13 August 2019.
- ^ Heiberg, Tanisha (2 August 2019). "Tongaat Hulett to delist from LSE". Moneyweb. Retrieved 13 August 2019.
- ^ Mashego, Penelope; Singh, Kaveel (10 February 2022). "Former Tongaat Hulett CEO and other ex-directors granted bail in R1.5bn fraud case". Fin24. Retrieved 26 April 2022.
- ^ Marriah-Maharaj, Jolene (11 April 2022). "Tongaat Huletts senior executives charged over R3.5 billion fraud may face additional charges". iol.co.za. Retrieved 26 April 2022.