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HCI suspends Marcel Golding due to "gross misconduct" Share price drops in early trade Ryk van Niekerk, Moneyweb, Johannesburg, 22 October 2014 The share price of Hosken Consolidated Investments (HCI) fell by 6.8% in early trade after the company suspended its executive chairman Marcel Golding pending a disciplinary enquiry into allegations of serious misconduct. The price did however recover soon afterwards and is currently trading 2,6% down. The company made this announcement late on Wednesday afternoon after the market had closed. Golding is a respected businessman and, apart from his role at HCI, is a non-executive director of Tsogo Sun Holdings, non-executive chairman of Johnnic Holdings, CEO of eTV, chairman of KWV and non-executive chairman of Celcom Group. He served as a member of parliament after 1994, having risen to prominence as a union boss. It is not clear what the nature of the misconduct is. The company said in the statement that a special committee set up to look into the alleged misconduct found it "to be of a very serious nature warranting disciplinary action." Early on Thursday morning HCI released another statement on Sens stating that "the nature of the alleged misconduct by Mr Golding, whilst serious in nature, is unlikely to adversely affect the operations of the Company, or materially affect its financial performance". Disciplinary proceedings are scheduled to start as early as 27 October. According to the initial statement, Golding has launched proceedings "to uplift his suspension and to stay the disciplinary enquiry and to seek other relief". Golding could not be reached for comment. HCI indicated that it intends opposing the said application. "While HCI respects the right of its employees to take whatever legal steps they deem appropriate in their own defense, HCI will take such steps as are necessary to protect its interests." Golding has always kept a low media profile. He was however featured in an article published in Forbes magazine in April entitled Ten African Multimillionaires You've Never Heard Of <http://www.forbes.com/sites/mfonobongnsehe/2013/04/24/ten-african-multimill ionaires-youve-never-heard-of/> . The announcement was made after the market closed. HCI's share price did however shed 0.7% to end the day at R152.90. This decline was in line with the 0.67% drop of the Alsi. From: http://www.moneyweb.co.za/a-bit-rich/hci-suspends-marcel-golding-due-to-gros s-misconduc -- -- 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.
