Executive chairman of Hosken Consolidated Investments (HCI), Marcel Golding, has reportedly been suspended over a R24 million deal with Ellies Holdings.<\/p>\n
This is according to Bloomberg, citing court documents which reported that Golding purchased $2.2 million worth of shares in Ellies, allegedly without authorisation.<\/p>\n
The deal by Golding was apparently on behalf of e.tv owner, Sabido Investments, and was done without the authority and mandate of the HCI board.<\/p>\n
Sabido Investments is a South African media group with holdings in a variety of broadcasting, content and production businesses..<\/p>\n
HCI announced on Wednesday (22 October) that Golding had been suspended while the group conducted an enquiry into “certain allegations of gross misconduct” by him.<\/p>\n
HCI told shareholders that, while serious in nature, the alleged misconduct of Golding is “unlikely to adversely affect the operations of the Company, or materially affect its financial performance”.<\/p>\n
Golding was seeking to overturn his suspension, which is being opposed by HCI.<\/p>\n
Disciplinary proceedings against Golding have been instituted and the process is scheduled to proceed on Monday 27 October 2014.<\/p>\n