HCI committed to protecting shareholder interests - CNBC Africa

HCI committed to protecting shareholder interests

Southern Africa

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HCI says it is committed to protecting the interests of its shareholders. PHOTO: Getty Images

This is after the Labour Court of South Africa dismissed suspended executive chairman, Marcel Golding’s application to have his suspension overturned.

(READ MORE: Court rules against eTV's Golding)

“Shareholders are informed that, the company’s position that Marcel Golding should face disciplinary proceedings regarding his alleged gross misconduct has been vindicated by the Labour Court of South Africa held at Cape Town, and those disciplinary proceedings will continue,” [DATA HCI:HCI] said.

According to the investment holding company, Golding’s allegations relating to political interference in respect of the media are outrageous.

Golding stated that the disciplinary hearing by the company had been launched after months of attempts to get him to relinquish the chair of the board of HCI and to resign as CEO of eTV and its holding company, Sabido.

He also believes that major shareholder SACTWU’s stance is directly related to a desire by SACTWU to exert greater control over news content at eTV, and eNCA, by ensuing that a CEO less independent than him assumes control over Sabido.

(READ MORE: Has Golding’s suspension been about the control of eTV all along?)

However, HCI stated that such allegations are denied by the company and it reiterated its commitment to fairness.

“The company re-affirms its commitment to protect its interests and of its shareholders, to promote an independent media free of political or government interference, and to a lawful and fair disciplinary enquiry,” it said.

“The company sees no benefit in conducting this process through the press. As soon as circumstances permit, a further announcement will be issued by the company.”

Earlier on Monday, the company announced the resignation of Barbara Hogan as a director of HCI and member of the audit committee, with immediate effect.

“We note the resignation of Barbara Hogan from our board and express our somewhat surprise at the hostile manner in which it is couched and publicly distributed,” said HCI. 

“We thank Barbara for her services to HCI and assure the public that, perhaps other than Marcel himself, no other board members of HCI see this matter similarly.”