E.tv holding company suspends Marcel Golding

Hosken Consolidated Investments (HCI) in a surprise move late on Wednesday, announced that it had suspended its executive chairperson Marcel Golding pending a disciplinary hearing into “gross misconduct”.

Golding was not available for comment at the time but HCI said in a statement that the suspended chairperson had started legal proceedings to block his suspension and the hearing that is scheduled to begin on Monday October 27.

It said Golding was also looking into “further relief”.

Golding, who featured in the Forbes list of “Ten African Multimillionaires You Have Never Heard Of”, is the largest individual shareholder of 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.

He has been chairperson of HCI since 1997 and has been a prominent figure, having served as a member of Parliament after 1994 and been a national general secretary of the National Union of Mineworkers.

Senior staff at e.tv appeared to have been taken by surprise by the news, which emerged late on Wednesday.

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 sub-committee mandated by the HCI Board, which included members of HCI’s Audit Committee and Social and Ethics sub-committees.

‘Embroiled in speculation
The company said that while it respected Golding’s right to pursue any action he deemed necessary. “HCI will take such steps as are necessary to protect its interests”.

Mark Rosin, chief operating officer of Sabido Investments, parent firm of e.tv, said as management they could not comment.

“Our job is to ensure the company continues to run and to ensure that the business is unaffected by this matter,” he said.

“We cannot become embroiled in speculation or comment on the matter.”


Unions slam move to cut wage bill

Cosatu rejects job losses and a wage freeze for public servants, calling this ‘a declaration of war’

Coronavirus: South Africa will evacuate citizens from Wuhan

The government is expected to evacuate citizens from Wuhan, where the coronavirus outbreak originated

Primedia CEO Essack leaves following internal battles

Omar Essack leaves the 702 and 94.7 owners after a protracted standoff with the board

‘We’re satisfied with SA’s land reform policy’— US Ambassador

Top US official is lobbying multinational firms to invest in South Africa

Press Releases

Over R400-m given to businesses since launch of three-minute overdraft

The 3-minute overdraft radically reduces the time it takes for businesses to have their working capital needs met

Tourism can push Africa onto a new path – minister

The continent is fast becoming a dynamic sought-after tourist destination

South Africa’s education system is broken and unequal, and must be fixed without further delay

The Amnesty International report found that the South African government continues to miss its own education upgrading targets

Business travel industry generates billions

Meetings Africa is ready to take advantage of this lucrative opportunity

Conferences connect people to ideas

The World Expo and Meetings Africa are all about stimulating innovation – and income

SAB Zenzele Kabili B-BBEE share scheme

New scheme to be launched following the biggest B-BBEE FMCG payout in South Africa’s history

Digging deep

Automation is unstoppable, but if we're strategic about its implementation, it presents major opportunities

TFSAs are the gymnasts of the retirement savings world

The idea is to get South Africans to save, but it's best to do your research first to find out if a TFSA is really suited to your needs