Inside Tongaat - banks, BRPs, corporate vultures fight over carcass of KZN’s fallen giant

BizNews Radio

It’s five years since massive accounting fraud was exposed at Tongaat Hulett, plunging KZN’s largest industrial group into a death spiral. With little incentive to end their regular income stream, fee-earning “super helpers” have been feasting on the company’s carcass, while bankers delude themselves by charging notional interest on debts that will never be repaid. Yet some excellent assets are still there to be grabbed - and sensing fatigue of shareholders, corporate vultures have been gathering. Corporate activist Dave Woolam shares the latest twist in the sorry saga with BizNews editor Alec Hogg.