Golding was suspended as Hosken Consolidated Investments (HCI) chairman and summoned to a disciplinary hearing on 27 October to answer for charges relating to the purchase of 24 million rands worth of shares in JSE listed company, [DATA ELI:Ellies].
The purchase instruction was sent by Golding on behalf of Sabido, a [DATA HCI:HCI] subsidiary of which Golding is also chief executive officer. He is also CEO of broadcasting network, eTV. The HCI board has accused Golding of misconduct on the grounds that he did not obtain the board’s approval prior to purchasing the shares.
In today’s court proceedings, Golding’s council argued that the suspension was unlawful on the grounds that HCI Management Services (MS), the business unit responsible for the suspension, is not his direct employer. Council argued that HCI MS over-rode the boards of both Sabido and eTV.
Furthermore, Golding has stated that the board had ulterior motives for the suspension and the action was a ‘bloodless coup’. In documents submitted to court, Golding states:
“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 eTV and Sabido as a result of my refusal to permit eTV to be used for political purposes by a trade union that is invested in the group.”
In response, HCI’s council has said that there can be no doubt that Golding was employed by the company and is requesting that the court sustain the suspension and allow the disciplinary hearing to proceed on Monday.
HCI’s council stated that the issues around the purchase of the Ellies shares can be discussed at that hearing.
Court resumes on Monday.