SUNDAY READ| Anxious wait for farmers as Tongaat Hulett money crisis grips: Next season is also under threat if sugar giant’s mills close
Pratish Sharma’s family has been living and farming at Isinembe near Tongaat, north of Durban, since 1883, when his ancestor, Gangaparsad Sharma, settled in the area.
Today, Sharma and his father, Roy, farm sugar cane on about 320 hectares of land, employing 65 workers and supplying sugar giantThe Sharmas are among the more than 12 300 sugar cane farmers who are contracted to the property development and sugar giant and who may lose everything if Tongaat Hulett, currently under business rescue, collapses.
The company went into freefall after balance sheet fraud, allegedly carried out by former chief executiveand other managers, was discovered, forcing it to sell off properties and farms to reduce its debt. Late last month it defaulted on payments to creditors and was placed under business rescue after banking institutions rejected the business recovery plan presented by its new leadership, which took over in 2019.Subscribe to the M&G today for just R30 for the first three months* to gain access to this story and all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.
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