FAWU Concerned About Hullets Restructuring
Written by Mduduzi Phungula on 11 November, 2022
By: Bright Ntuli
The Food and Allied Workers Union (FAWU) is urging the Department of Trade and Industry to try and avert a full-blown economic disaster in the sugar sector.
Tongaat Hulett entered business rescue in October after lenders declined to accept a board-approved restructuring plan.
The financial distress of the company had meant the group recently missed a R401 million payment for sugarcane delivered in September, affecting 4300 growers.
The union’s Mayoyo Mngomezulu says it rejects the way the announcement of Tongaat-Hulett filing for business rescue was done.
