HOSKEN CONSOLIDATED INVESTMENTS LTD - Suspension of Executive Chairman pending a disciplinary enquiry

Suspension of Executive Chairman pending a disciplinary enquiry

HOSKEN CONSOLIDATED INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI & ISIN: ZAE000003257)


SUSPENSION OF EXECUTIVE CHAIRMAN PENDING A DISCIPLINARY ENQUIRY

HCI regrets to announce its decision to suspend the services of its
executive chairman, Marcel Golding, as an employee pending a disciplinary
enquiry into certain allegations of gross misconduct by him. The alleged
misconduct in question was, after deliberation by a special sub-committee
mandated by the HCI Board, comprising its lead independent non-executive
director and the chairpersons of HCI’s Audit Committee and Social and
Ethics sub-committees, found to be of a very serious nature warranting
disciplinary action.

Disciplinary proceedings have been instituted and the process is scheduled
to proceed on Monday 27 October 2014.

In the interim however, Mr Golding, has responded to the process by
launching proceedings to uplift his suspension and to stay the disciplinary
enquiry and to seek other relief.

While HCI respects the right of its employees to take whatever legal steps
they deem appropriate in their own defense, HCI will take such steps as are
necessary to protect its interests.

HCI intends opposing the said application.



Cape Town
22 October 2014
Sponsor: Investec Bank Limited

Date: 22/10/2014 05:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.