Fin24 reports that 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. The company blames former CEO Peter Staude, former CFO Murray Munro and former finance executive Sean Slabbert for this. It is also suing the three men for salaries, bonuses and perks they received while employed. It is seeking judgment against Staude for about R100 million for salaries, fixed contract remuneration, pension and medical aid contributions and bonuses, about R45 million from Munro and R25 million from Slabbert. In a separate court action, the company is suing former head of Tongaat Hulett Development (THD) Mike Deighton for about R76.6 million. This amount is made up of his salary, bonuses and perks between 2015 and 2018, and actual losses the company incurred through what it alleges were underhanded property deals. Deighton, Munro and Staude, and others, have also been charged with racketeering and fraud relating to 69 purchase and sale agreements involving R3.5 billion. Slabbert has not been charged criminally.

• Read the full original of the report in the above regard by Tania Broughton at Fin24 (subscriber access only)

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