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Tongaat business rescue in deep trouble

Vision will no longer acquire all the debt, leaving the lender group with a residual claim of at least R3.6 billion.

For more financial news, go to the News24 Business front page.

Opaque Zimbabwean interests are now dominating the R8.5-billion deal.

The Tongaat Hulett business rescue is in deep trouble.

This follows the filing of an explosive final affidavit in a Durban high court challenge to the Business Rescue Practitioners (BRPs) and the Vision consortium selected to buy up about R8.5 billion in crippling debt.

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