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Lenders have told the 130-year-old sugar producer that they are unable to support its restructuring plan or to provide the additional funding required, calling in the debt.
Former managing director of Tongaat Hulett Developments, Michael Deighton, has been investigated by the Financial Sector Conduct Authority. But a new court ruling found that he was treated unfairly.
The National Director of Public Prosecutions has not yet made a decision on whether or not to charge former high-profile Tongaat Hulett executives with racketeering.