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FILE | A worker at Tongaat-Hulett Mill.
The High Court in Durban will hear an application for the provisional liquidation of Tongaat-Hulett on Friday.
Business rescue practitioners have brought the application.
The company was placed under business rescue in 2022.
Since then, the 134-year-old sugar giant has suffered a R12 billion share value loss.
This is despite creditors approving a rescue plan in 2024 for the company to be sold to the Vision Group.
Two weeks ago, the group announced the collapse of the plan.
The Congress of South African Trade Unions’ (Cosatu) KwaZulu-Natal Secretary Edwin Mkhize says, “We prioritise the issue of protecting jobs in the economy, that is very critical. Currently, that is our main worry. That is why today is one of the most interesting days, but depending on how the court rules, it may be a doomsday for the province’s historical industry, which is the sugar industry.”
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