Golding claims HCI suspension is result of overriding political agenda


In an affidavit lodged with the Cape Town Labour Court, Hosken Consolidated
Investments (HCI) chairman Marcel Golding explained why he believes he is being
forced out of the group, which is a listed holding company with stakes in a number
of corporations including free-to-air channel, by the Southern African Clothing
and Textile Workers’ Union (SACTWU).

Golding, who is CEO of’s sister company Sabido Productions, states that the
charges relate to Sabido’s purchase of shares in Ellies, a JSE-listed company. “It is
alleged that I did so without the necessary Board’s authority. I acted in good faith
and at the time believed to be in Sabido’s best interests in purchasing the shares,’
he said.

Golding believes that John Copelyn and Yunis Shaik, both of whom are directors of
HCI, are the driving forces behind the sudden suspension and said, “The disciplinary
hearing has been launched after months of attempts to get me to relinquish the
chair of the board of HCI and resign as CEO of and Sabido as a result of my
refusal to permit to be used for political purposes by a trade union that is
invested in the group.’

According to Golding, SACTWU has tirelessly tried to influence news editorial in
order to further its own agenda.

“I am vehemently opposed to any interference with the independence and integrity
of editorial content and this tension is what led to the fracture of alliances within
the connected companies. When those attempts failed, the disciplinary action was
initiated,’ said Golding.

A disciplinary hearing on the matter is due to take place today, Friday 23 October.


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