The sugar and property giant is the largest employer on the lower North Coast and one of the largest in the province.
An estimated 5 000 workers are set to lose their jobs as South African agriculture and property giant Tongaat Hulett restructures its business, North Coast Courier reports.
The beleaguered company would not confirm the actual number of retrenchments, but informed sources said the workforce totaling 30 000 would be cut by about 16 per cent, or 5 000 jobs.
The company is the largest employer on the lower North Coast and one of the largest in the province.
Recently appointed CEO Gavin Hudson initiated a comprehensive assessment of Tongaat’s finances by accounting firm Price Waterhouse Coopers amid reports of financial anomalies which saw the company’s value drop to the lowest level in two decades.
The share price has fallen from around R80 last August to R20.16 this week.
The company’s problems have been blamed on its rapid entry in