On 22 October 2014, Hosken Consolidated Investments (HCI) – a listed holding company with significant stakes in casino chain Tsogo Sun Holdings, private free-to-air channel e.tv and Golden Arrow Bus Service, among others – announced the suspension of its executive chairman Marcel Golding pending a disciplinary hearing into “gross misconduct’.
Golding, who has been chairman of HCI since 1997, was not available for comment, but HCI said in a statement that the suspended chairman had started legal proceedings to block his suspension and the hearing that is scheduled to begin on Monday, 27 October.
Golding, who served as an MP after 1994 and as a national general secretary of the National Union of Mineworkers, is the largest individual shareholder of HCI.
HCI in a statement remained tight lipped about the reasons behind the sudden suspension, saying only that the decision had been made by the sitting of a special subcommittee mandated by the HCI board, which included members of HCI’s audit committee and social and ethics subcommittees.
Source: Mail & Guardian