Durban High Court orders Vision Consortium to disclose Tongaat Hulett acquisition details
Business rescue
The Durhan High Court has ordered the Vision Group to disclose to former potential bidder for Tongaat Hulett, RGS Holdings from Mozambique, certain documents relating to the Vision Group's payment to Tongaat's key finance creditors, for the acquisition of the sugar group.
Image: Supplied
The Vision Consortium that has taken over the rescue of Tongaat Hulett has been directed by the Durban High Court to provide documents and disclosures relating to the Vision Group’s acquisition of the former Lender Group claims and security.
The Court issued this ruling on July 4, 2025, following an urgent application brought by RGS Group Holdings, a company that had once planned to submit its own business rescue plan for Southern Africa’s biggest sugar group, but then withdrew from the bidding process after the validity of its proof of funding was questioned.
Tongaat Hulett said in a statement on Monday that the ruling was limited to disclosure and did not affect the implementation of the business rescue plan (BRP) or the integrity of the acquisition itself. Over the past 25 years, RGS has become one of Mozambique’s largest conglomerates in agriculture, manufacturing, and trade.
Notwithstanding the limited nature of the relief, the Vision Group said it believed the ruling was wrong and intended to appeal it.
In the meantime, the Vision Group said it would remain focused on implementing the BRP, a recovery process to restore operations and rebuild a business for long-term value and sustainability.
The Vision Group said in a statement it had confirmed, under oath, that THL’s assets were not used to fund or secure the acquisition. This had been independently verified by the former Lender Group and accepted by the business rescue practitioners.
“The Vision Group’s acquisition of Tongaat Hulett is well underway, supported by new leadership, fresh capital, and operational discipline. Across THL sites, performance continues to improve. Jobs are being safeguarded, supplier relationships are being stabilised, and regional value chains are regaining strength. This is not just a commercial recovery; it is a vital economic and social one too,” a statement said.
This is the fourth application by RGS regarding the business rescue and the implementation of the BRP. An earlier urgent application in which RGS sought to interdict the BRP and sought the same disclosure from the Vision Group, was dismissed in February 2025.
Visit: www.businessreport.co.za