Zimbabwe’s controversial Rudland family is set to take control of the 130-year-old southern African sugar giant in a R2bn takeover
Minority shareholders and activists in Tongaat Hulett are mounting a fightback against a proposed R2-billion sale of new shares by major sugar group Tongaat Hulett to Rudland family.
Rudland family has been accused of building their fortune on ties to Zimbabwe’s ruling Zanu-PF and questionable cigarette sales.
Hamish Rudland, the face of the deal said, “there is absolutely no substance” to this link to the family’s cigarette business.
The deal, if successful, will hand control of Tongaat to a Rudland entity in Mauritius called Magister Investments at a steep discount to the current share price.
The proposed deal is being put to a vote today, Tuesday, 18 January, in an extraordinary general meeting amid concern about the Rudlands’ probity and the alleged prejudice towards existing minority shareholders.
