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(COMTEX) B: Durban Deep Battle Heats Up
B: Durban Deep Battle Heats Up
Johannesburg, Mar 06, 2002 (Business Day/All Africa Global Media via COMTEX) --
Kebble supporters move to use lack of certainty over CE's right to work in SA.
THE boardroom battle between Durban Roodepoort Deep's suspended deputy chairman,
Roger Kebble, and CE Mark WellesleyWood escalated yesterday as Kebble supporters
moved to capitalise on uncertainty over their CE's right to work in SA.
At the same time, the home affairs department's decision to declare
Wellesley-Wood, a British citizen, a "prohibited person" took on a new political
dimension, with enmity flaring up again between African National Congress home
affairs director-general Billy Masetlha and Inkatha Freedom Party Home Affairs
Minister Mangosuthu Buthelezi.
Masetlha poured scorn on a suggestion by Buthelezi that he should have been
consulted on the decision.
"I deal with the deportation of more than 8000 illegal aliens every month, and I
don't inform the minister about these cases. Why should I change this rule when
it involves Wellesley-Wood?"
He vowed that WellesleyWood would not be allowed back into the country unless
his application for a work permit was approved. "My duty as the department's
head is to enforce the Aliens Control Act and there is not going to be a
different rule of law for this Wellesley-Wood fellow," he said.
He accused Wellesley-Wood of "politicising" the issue. "If this man was an
illegal immigrant from Burundi or Nigeria, we would not have had so much
excitement around the case."
Masetlha's comments put a damper on Wellesley-Wood's hope that Buthelezi's
interest in his case could hasten his return.
As the full details of WellesleyWood's predicament began to emerge on Monday,
Durban Deep nonexecutive director Grant Fischer called an emergency board
meeting yesterday. Fischer is also a director of property company Rand Leases,
at which Kebble is nonexecutive chairman.
This coincided with WellesleyWood's suspension of Kebble, citing concerns over a
decision to issue more than 8,2-million Durban Deep shares to various creditors
in 1999, when Kebble was executive chairman.
Reports yesterday suggested Fischer intended to question Wellesley-Wood's
continued employment as chairman and CE of Durban Deep, given that he was
currently unable to enter SA.
The bid to use WellesleyWood's banning against him seemed to have failed, with
all directors voting to support him.
"I'm still chairman and CE and have the full support of the board,"
Wellesley-Wood said from the UK after the meeting.
His appointment as chairman and CE of SA's fourth biggest mining company was
backed by Kebble, but since then it seems relations have deteriorated, with
Wellesley-Wood keen to point out his role in lifting the standards of corporate
governance within the company.
Roger Kebble and his son Brett have interests in several mining and nonmining
companies, many of which have a web of cross-holdings. The family holds 16,3% of
Consolidated African Mining (CAM) which in turn has a 3% stake in Durban Deep
and a 64% stake in JCI Gold.
CAM's share price plunged 13,3% yesterday, JCI dropped 1,1% and Western Areas
fell more than 6%. Durban Deep's share price held steady.
CAM's share price plunged 13,3% yesterday, JCI dropped 1,1% and Western Areas
fell more than 6%. Durban Deep's share price held steady.
by Julie Bain And Simphiwe Xako
Copyright Business Day. Distributed by All Africa Global Media(AllAfrica.com)
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KEYWORD: South Africa
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