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Tongaat tries to claw back half a billion in salaries, perks and fines from former CEO, execs

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Former Tongaat Hulett CEO Peter Staude
Former Tongaat Hulett CEO Peter Staude

Tongaat Hulett is seeking almost half a billion rand in civil claims from a group of former executives of the JSE-listed company.

This is outlined in papers before the Pietermaritzburg High Court where the company is chasing its former management team to recover, cumulatively, about R462 million.

Included in this amount is $8.7 million (about R144 million) which Tongaat Hulett’s Zimbabwean subsidiaries, Hippo Valley Estates and Triangle Limited, lost, allegedly through sugar price manipulation and "fake sales" and discounting to generate cash flow for the holding company.

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