No Interruption to THL Business Rescue Plan as Vision Prepares to Appeal Ruling

7 July 2025

The Vision Group remains fully focused on the successful implementation of the Tongaat Hulett Business Rescue Plan, a recovery process restoring operations, protecting livelihoods, and rebuilding a business for long-term value and sustainability.

The Vision Group’s acquisition of Tongaat Hulett Limited (THL) is well underway, supported by new leadership, fresh capital, and operational discipline. Across THL sites, performance continues to improve. Jobs are being safeguarded, supplier relationships are being stabilised, and regional value chains are regaining strength. This is not just a commercial recovery, it is a vital economic and social one too.

The Durban High Court issued a ruling on 4 July 2025 in an urgent application brought by RGS Group Holdings Limited (RGS). The judgment handed down by acting Judge Zwane, directs the Vision Group to provide certain documents and disclosure relating to the Vision Group’s acquisition of the former Lender Group’s claims and security. The ruling is limited to disclosure and does not affect the implementation of the Business Rescue Plan or the integrity of the acquisition itself. Notwithstanding the limited nature of the relief, the Vision Group respectfully believes that the ruling is wrong and intends to appeal it.

The Vision Group confirmed, under oath, that THL’s assets were not used to fund or secure the acquisition. This has been independently verified by the former Lender Group and accepted by the Business Rescue Practitioners.

This is the fourth application instituted or driven by RGS regarding the business rescue process, and the implementation of the Business Rescue Plan. An earlier urgent application in which RGS sought to interdict the Business Rescue Plan and sought the same disclosure from the Vision Group was dismissed in February 2025 by Judge Nkosi.  RGS had also submitted its own business rescue plan, however, withdrew its plan shortly before the creditor vote, following media reports that RGS had submitted fraudulent proof of funding. The existence of the fraudulent proof of funding has since been admitted by RGS in an affidavit filed by it in February 2024.

Throughout, the Vision Group has remained focused on delivery, not distraction. The acquisition is progressing, implementation is taking hold, and early results are evident. Our commitment is to see this recovery through – for employees, creditors, farming communities, and all those whose livelihoods are dependent on a stable, growing THL. For us, this is what matters.