South African businessman Robert Gumede’s Vision Group to secure Tongaat assets ahead of liquidation hearing

Vision Group, led by South African billionaire Robert Gumede, has initiated steps to safeguard its security interests in the regional subsidiaries of Tongaat Hulett Limited (THL), as the embattled sugar producer heads toward a key liquidation hearing next month.

Vision, THL’s largest creditor with roughly R11.7 billion (more than $700 million) in exposure, said the measures are aimed at preserving collateral tied to its lending position, rather than bypassing legal processes to acquire assets.

Securing creditor position

In a statement addressing allegations involving its affiliate Bowwood and Main No 296, Vision said the actions taken across subsidiaries were consistent with standard lender protections in cases of borrower default.

The firm emphasized that the steps were precautionary, designed to protect its security over assets, including shares in Tongaat Hulett Botswana, and not an attempt to transfer or dispose of those holdings outside of due legal process.

Vision added that it remains focused on the upcoming June 17 liquidation hearing, where it plans to advocate for an outcome that preserves jobs and ensures continuity of operations.

Legal dispute over Botswana order

At the center of the dispute is an ex parte order linked to a 2022 ruling by the High Court of South Africa, originally granted in favor of THL’s former lender group.

Vision said the order, which it sought to have recognized in Botswana, does not grant rights to sell or transfer shares, but instead provides protective measures to maintain its security interest.

The company’s stance follows a move by THL’s Business Rescue Practitioners (BRPs), who recently secured a rescission hearing at the High Court of Botswana to challenge the order, despite opposition from Bowwood.

Debt takeover and lender rights

Vision’s involvement stems from its 2022 acquisition of THL’s debt from a consortium of lenders, effectively stepping into the position of the so-called lender group.

The group, largely made up of THL’s previous bank funders, had secured notarial bonds over movable assets of THL and its affiliates, security arrangements that Vision says remain valid and enforceable.

According to Vision, Bowwood continues to exercise standard creditor rights, including governance provisions such as board representation, shareholder engagement, and participation in economic interests tied to the shares.

Safeguarding operations and livelihoods

While THL’s South African business remains under business rescue, its operations in markets such as Mozambique, Eswatini, and Zimbabwe continue to trade normally.

Vision said its actions are intended to prevent erosion of its secured position amid ongoing uncertainty, particularly following the filing for THL’s liquidation in February 2026.

The firm added that protecting its security interests is also critical to safeguarding an estimated 250,000 livelihoods linked to the company’s regional operations.

Focus on long-term resolution

Vision reiterated its commitment to a long-term restructuring solution for Tongaat, while maintaining that any transfer or disposal of subsidiary shares would require additional court approvals.

As the June hearing approaches, the outcome is expected to shape the future of one of Southern Africa’s largest sugar producers, with creditors, workers, and regional economies closely watching developments.

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