# Minister of Trade, Industry and Competition, Parks Tau, says the withdrawal of the liquidation proceedings against Tongaat Hulett represents a significant milestone in securing the future of the sugar value chain. This follows an agreement between the Industrial Development Corporation of South Africa and Vision Consortium, safeguarding 250-thousand jobs. Tau says the prospect of liquidation posed serious risks not only to workers and growers, but also to suppliers, transport operators, small businesses, and the broader economy. The company was placed under business rescue following a collapse caused by financial mismanagement.
Minister Tau says the withdrawal of Tongaat Hulett liquidation secures the future of the sugar value chain