Zimbabwe’s Rudland family effectively wins control over Tongaat Hulett

Zimbabwe’s controversial Rudland family is set to take control of the 130-year-old southern African sugar giant in a R2-billion takeover.

According to multiple sources the deal has left some existing shareholders furious and raises fears the transaction could become a channel into the legitimate economy for dodgy cash.

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 the Zimbabwean Rudland family, accused of building their fortune on ties to Zimbabwe’s ruling Zanu PF and questionable cigarette sales.

The Rudlands are one of Zimbabwe’s major business dynasties with known investments relating to transport, agriculture and financial services.

 

The family, in particular Hamish’s brother Simon, is however best known in South Africa for their tobacco business Gold Leaf Tobacco Corporation.