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HCI suspends Golding in wake of inquiry Marc Hasenfuss and Sikonathi Mantshantsha, Business Day, Johannesburg, 23 October 2014 HOSKEN Consolidated Investments (HCI) has suspended executive chairman and co-founder Marcel Golding with immediate effect after an inquiry into claims of "gross misconduct". HCI said Mr Golding had responded by launching proceedings to lift his suspension and "to stay the disciplinary inquiry and to seek other relief". Disciplinary proceedings are scheduled to go ahead on Monday, the company said after the market closed on Wednesday. "The alleged misconduct in question was, after deliberation by a special subcommittee mandated by the HCI board - comprising its lead independent nonexecutive director and chairmen of HCI's audit committee and social and ethics subcommittees - found to be of a very serious nature warranting disciplinary action," the Cape Town-based R18bn investment house said. The company said it would oppose Mr Golding's legal action and "take such steps as are necessary to protect its interests". The company's second-largest shareholder with nearly 8% of the stock, Mr Golding has been executive chairman since he helped start the investment house with CEO Johnny Copelyn in 1997. He is also chairman of subsidiaries HCI Coal and Cape Town-based Golden Arrow Bus Service. Neither Mr Golding nor Mr Copelyn responded to numerous telephone calls and text messages seeking comment on Wednesday. A source close to the company, who spoke on condition of anonymity, said he would be surprised if the alleged offence was related to any fiscal misdemeanour. The source said Mr Copelyn is well-known for "running a tight ship and should know what's going on in every nook and cranny in the company". The company was built from scratch with the backing of the Southern African Clothing and Textile Workers Union (SACTWU), which is now its largest shareholder with 32.1% of the stock. Mr Golding and Mr Copelyn were leaders of the union and were former MPs. SACTWU secretary general Andre Kriel did not respond to telephone calls or text messages. HCI's biggest asset is its 63% stake in free-to-air television service e.tv. It also owns controlling stakes in gaming and leisure company Tsogo Sun, investment house Niveus, textile company Seardel and wine maker KWV Holdings. A series of deals have grown the company into an R18bn entity, with shares rising from R45 in 2009 to the present R154. From: http://www.bdlive.co.za/business/financial/2014/10/23/hci-suspends-golding-i n-wake-of-inquiry -- -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . --- You received this message because you are subscribed to the Google Groups "YCLSA Discussion Forum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
