Johannesburg - South Africa's Hosken Consolidated Investments does not expect the suspension of its executive chairman over alleged misconduct to impact financial performance, the investment firm said on Thursday.
Hosken said after the close of trade on Wednesday it had suspended executive chairman Marcel Golding pending an enquiry into allegations of “gross misconduct”, adding the charges were “of a very serious nature warranting disciplinary action”.
However, it said in a regulatory filing that the allegations were “unlikely to adversely affect the operations of the company, or materially affect its financial performance”.
Hosken has stakes in several large South African firms, including hotel and gaming group Tsogo Sun.
Golding is Hosken's second-largest shareholder with around 7 percent of the company, according to Thomson Reuters data.
Golding, who could not be immediately reached for comment, has launched proceedings to stay the disciplinary enquiry, the company said. - Reuters