Share

Hosken suspends chair Marcel Golding

Johannesburg - Hosken Consolidated Investments [JSE:HCI] does not expect the suspension of its executive chairperson over alleged misconduct to impact financial performance, the investment firm said on Thursday.

Hosken said after the close of trade on Wednesday it had suspended executive chairperson Marcel Golding pending an enquiry into allegations of "gross misconduct", adding the charges were "of a very serious nature warranting disciplinary action".

However, it said in a regulatory filing that the allegations were "unlikely to adversely affect the operations of the company, or materially affect its financial performance".

Hosken has stakes in several large South African firms, including hotel and gaming group Tsogo Sun Holdings [JSE:TSH]. Golding is Hosken's second-largest shareholder with around 7% of the company, according to Thomson Reuters data.

Golding, who could not be immediately reached for comment, has launched proceedings to stay the disciplinary enquiry, the company said.

HCI, which owns broadcaster e.tv, said in a statement on Wednesday: "HCI regrets to announce its decision to suspend the services of its executive chairman, Marcel Golding, as an employee pending a disciplinary enquiry into certain allegations of gross misconduct by him."

A special sub-committee mandated by the HCI board, comprising its lead independent non-executive director and the chairmen of HCI’s audit committee and social and ethics sub-committees, deliberated on the matter.

"Disciplinary proceedings have been instituted and the process is scheduled to proceed on Monday 27 October 2014," the company said.

"In the interim however, Mr Golding, has responded to the process by launching proceedings to uplift his suspension and to stay the disciplinary inquiry and to seek other relief."

While HCI respected the right of its employees to take whatever legal steps they deemed appropriate in their own defence, HCI would act to protect its interests.

"HCI intends opposing the said application," it said.

HCI has stakes in businesses including gaming and leisure, media and broadcasting, transport, energy, and property.

Shares of HCI fell as much as 6% after the firm suspended its executive chair.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.04
-0.7%
Rand - Pound
24.02
-0.5%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.7%
Platinum
900.15
+0.4%
Palladium
1,000.00
-0.2%
Gold
2,212.54
+0.8%
Silver
24.59
-0.2%
Brent Crude
86.09
-0.2%
Top 40
68,189
+0.8%
All Share
74,373
+0.6%
Resource 10
57,035
+2.5%
Industrial 25
103,662
+0.4%
Financial 15
16,492
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders