WESZIWE ANNOUNCES RESULTS FOR YEAR ENDED 31
DECEMBER 2009 AND REPORTS INTERIM FINDINGS
PERTAINING TO CORPORATE GOVERNANCE ISSUES
31 March 2010
Johannesburg, 31 March 2010: In reporting its annual financial
statements for the year ended 31 December 2009, Wesizwe
Platinum Limited (“Wesizwe” or “the Company”) has announced
that the Board of Directors has been presented with an interim
report, which is available for perusal, from independent audit and
financial services company, Deloitte South Africa, and the
corporate and commercial law firm, Deneys Reitz Attorneys (“the
Deloitte and Deneys Reitz reviews”) following an investigation into
allegations of corporate governance misdemeanours at the
Company.
During the second half of 2009, Wesizwe experienced a number of
significant changes to its Board. The most notable of these were
the dismissal of a number of non-executive and independent
directors at the Company’s Annual General Meeting (“AGM”) on
12 August 2009, and the unprocedural dismissal of Acting
Chairperson, Mr Robert Rainey and Chief Executive, Mr Michael
Solomon at a Board meeting in November 2009. This situation
was reversed at an Extraordinary General Meeting (“EGM”) of
shareholders on 17 December 2009 where Messrs Rainey,
Solomon, as well as Mr Mlibo Mgudlwa, Mr Michiel Eksteen, Mrs
Dawn Mokhobo and Prof Peter Gaylard, were reinstated by
shareholders and Messrs Abedian, Phologane and Tengawarima
were removed from the Board.
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