Wesizwe announces results for year ended 31 December 2009 and reports interim findings pertaining to corporate governance issues
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.