Who owns Tongaat Hulett?

The competition commission announced on Monday that it had approved the takeover of Tongaat Hulett by Magister Investments, with conditions. Mauritius-based Magister Investments has committed some R2-billion to underwriting a Tongaat rights issue, meaning it will own 60% of the latter’s shares.

Who started Tongaat Hulett?

Liege Hulett
Tongaat Hulett

Type	Public
Founded	1892
Key people	Liege Hulett, founder JG Hudson, CEO
Revenue	R14,373 Billion (FY 2013)
Net income	R2,145 Billion (FY 2013)

Who is the CEO of Tongaat Hulett?

John Gavin HudsonTongaat Hulett / CEO

How many employees does Tongaat Hulett have?

EMPLOYEE BASE Tongaat Hulett employed a total of 31 355 employees at the end of March 2018, compared to 30 512 in 2017. During the peak sugar milling season the total number of permanent and seasonal employees was 40 382 (2016/17: 38 221).

Is Tongaat Hulett a good investment?

With improved growing conditions and better import controls likely to benefit the company, Tongaat Hulett shares should experience further growth and are a good buy.

How much land does Tongaat Hulett own?

8 200 developable hectares
Tongaat Hulett presently owns 8 200 developable hectares of land that it has identified for conversion from agriculture to other uses. All of this land is situated in the primary growth corridors of the KZN Province and has strong government policy support for conversion at the appropriate time.

What happened Tongaat Hulett?

Just over two years after charges were laid against them, former Tongaat Hulett Limited chief executive Peter Staude and six others accused of defrauding the sugar and property giant of R2. 5-billion have finally appeared in court.

Who is Peter Staude?

Peter Staude is CEO of Tongaat Hulett, a South African agriculture and agri-processing business. For his activities he won two Gold pins in Obermatt’s CEO of the year rankings in South Africa. Tongaat Hulet is a stock-listed company with revenues of almost 17 billion ZAR 2017/2018 of (approx.

Does Tongaat pay dividends?

Earnings Payout to Shareholders Earnings Coverage: TON is not paying a notable dividend for the ZA market.

How old is Huletts Sugar?

For more than 128 years, Huletts Sugar has been grown in the rich South African soil, tended by proud South African farmers and nourished by the golden sun & gentle rains of South Africa.

Who audits Tongaat Hulett?

Deloitte
The seventh individual, Gavin Kruger, was the Deloitte audit partner on the Tongaat Hulett audit and at all times employed by Deloitte. All those charged were granted bail.

Is Tongaat a Hulett?

TONGAAT HULETT IS AN AGRICULTURE AND AGRI-PROCESSING BUSINESS, FOCUSING ON THE COMPLEMENTARY FEEDSTOCKS OF SUGARCANE AND MAIZE. THROUGH ITS SUGAR AND STARCH OPERATIONS, TONGAAT HULETT PRODUCES A RANGE OF REFINED CARBOHYDRATE PRODUCTS FROM SUGARCANE AND MAIZE, WITH MANY PRODUCTS BEING INTERCHANGEABLE.

Who are the auditors of Tongaat Hulett?

The group of former executives charged over the fraud includes Deloitte audit partner Gavin Kruger, who was responsible for auditing Tongaat’s books; former chief financial officer Murray Munro; former property division head Michael Deighton, finance section head Rory Wilkinson; legal executive Kamlasagrie Singh and …

When was the Tongaat Hulett scandal?

The charges stem from alleged fraudulent activity which took place between March 2015 and September 2018, which saw the suspects cooperate to backdate land sale agreements. The backdated sale agreements had a significant impact on the Company’s financial results.

What is the Tongaat Hulett scandal?

Is Tongaat Hulett a buy?

What went wrong at Tongaat Hulett?

They had overstated the company revenue by R2. 4-billion, an act which, once discovered, exposed Tongaat to “negative publicity and has been brought into disrepute with shareholders, lenders, regulatory authorities and the broader public”.

Should I buy Tongaat shares?

Tongaat Hulett Group Investor Tip With improved growing conditions and better import controls likely to benefit the company, Tongaat Hulett shares should experience further growth and are a good buy.

Who audited Tongaat?

Gavin Kruger
The group of former executives charged over the fraud includes Deloitte audit partner Gavin Kruger, who was responsible for auditing Tongaat’s books; former chief financial officer Murray Munro; former property division head Michael Deighton, finance section head Rory Wilkinson; legal executive Kamlasagrie Singh and …

Who is John Hulett?

John Hulett is the great-grandson of the founder of Sir JL Hulett & Sons (acquired in a hostile takeover to create Tongaat-Hulett). Listen to the story of Cyril Ramaphosa’s rise to presidential power, narrated by our very own Alec Hogg.

What happened to JL Hulett and Sons?

For just over a century, JL Hulett and Sons, thrived, growing and processing sugar cane on the rolling coastal hills of KwaZulu-Natal. That is until what the media dubbed “The Sugar Wars,” in 1962 resulted in a hostile take-over by a Tongaat consortium.

Is Huletts sugar South African?

Huletts Sugar is Proudly South African. Take a look at our delicious recipes, there is something for everyone – from family gatherings to special events. Explore our product pages to find a sweetening solution for your every need. No matter what the occasion, Huletts Sugar has a sweetening solution for you.

Did Tongaat Hulett’s previous management inflate profits?

Previous management of Tongaat Hulett allegedly inflated the company’s profits. The Black Business Council has called for law enforcement agencies to look into the alleged inflation of profits by Tongaat Hulett management in order to gain big bonuses.