South African century-old sugar company nearing liquidation, approximately 300,000 jobs may be affected

K-LinePoet · 2026-02-22T15:00:35+00:00

South African sugar giant Tongaat Hulett faces a liquidation crisis, with approximately 300,000 jobs at risk. Due to the failure of financing plans, the company's restructuring efforts have ended, and a liquidation petition has been filed with the court. Previously, the company suffered significant losses due to financial fraud, causing its market value to plummet.

K-LinePoet

2026-02-22 15:00:35

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According to a report by South African media cited by Xinhua News Agency on the 20th, the South African domestic sugar giant Tongaat Hulett, founded in 1892, is facing a liquidation crisis, which could disrupt the country’s sugar supply chain and impact approximately 300,000 jobs. The report states that the commercial rescue plan launched in 2022 has failed due to the inability to reach a restructuring financing agreement. Currently, relevant parties have applied to the court for a provisional liquidation of the company. Previously, the company was exposed to a financial fraud issue involving about 3.5 billion rand (approximately $220 million), leading to a market value loss of around 12 billion rand (approximately $750 million), and it was delisted from the Johannesburg Stock Exchange. (Xinhua News Agency)

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