In a small saucepan, combine prunes and water; bring to a boil over medium-high heat. Reduce heat to low and simmer until prunes are tender, about 5 minutes. Drain and set aside.
Preheat the oven to 350°F (175°C). Grease and flour a fluted tube pan (e.g., a Bundt pan).
In a mixing bowl, whisk together flour, 1.5 cups sugar, allspice, baking soda, nutmeg, cinnamon, and salt. In a separate bowl, combine vegetable oil, 1 cup buttermilk, and eggs. Mix this into the dry ingredients until incorporated. Fold in drained prunes, then stir in chopped pecans. Pour the batter into the prepared pan.
Bake for about 45 minutes or until a tester comes out clean. Let the cake cool on a wire rack for at least 10 minutes.
For the icing, in a saucepan combine 1 cup sugar, margarine, 0.5 cup buttermilk, corn syrup, and vanilla extract. Bring to a boil over medium-high heat; boil for 5 minutes, occasionally stirring.
Once the cake is cooled, invert it onto a platter. Pour the hot icing over the top.
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